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Singapore Cryptocurrency Exchange Welcomes Payment Services Bill
Singapore, Singapore, 16 January 2019:
The Parliament of Singapore has passed the Payment Services Bill on 14 January 2019. ABCC Exchange welcomes this development and the fact that Singapore will be among the first few financial services regulators in the world to introduce a regulatory framework for cryptocurrency activities and one of the first major global financial centers to do so.
Calvin Cheng, CEO, and Co-Founder of ABCC, and a former Singapore Parliamentarian said, “Being an exchange whose international headquarters is in Singapore, ABCC looks forward to being regulated in Singapore as soon as possible. ABCC will only invest and operate in geographies where there is regulatory clarity.”
The bill comprises two parallel regulatory frameworks- The Designation framework and Licensing framework. Under the bill, the Monetary Authority of Singapore (MAS) will designate significant payment systems and regulate the provision of payment services. The main purpose of the Payment Services Bill is to tackle the key risks, such as money-laundering and terrorism financing (“ML/TF”), loss of funds owed to consumers or merchants due to insolvency, fragmentation and limitations to interoperability and technology and cyber risks.
With the implementation of the Payment Services Bill, consumers will be better protected from the above risks. For this reason, ABCC has always supported and actively sought-out government regulation; it is also in the midst of applying for Distributed Ledger Technology Licences (DLT) in Malta and Gibraltar. With this new legal clarity in Singapore, ABCC will be consolidating its international operations there and focusing all of its efforts on becoming the premier cryptocurrency exchange in South East Asia and Europe. ABCC views regulation as a means to offer protection to customers and gain the trust of its users.
About ABCC Exchange:
ABCC is a cryptocurrency exchange headquartered in Singapore, with subsidiaries in Malta and Gibraltar. Launched in March 2018, its highest global ranking in volume was fifth overall and first in ether trades. It has communities worldwide and operates in 12 languages. Headed by Calvin Cheng, the team has a wealth of prior experience in some of the top technology and financial firms, providing ABCC users with a secure and seamless trading experience.
Head, Global Marketing and Communications