Currently, the United States, Japan, Singapore, Australia, and Estonia have relatively clear regulatory policies for exchanges. Among them, Singapore is the headquarters of many global crypto exchanges. Therefore, the PSA exemption license issued by the Monetary Authority of Singapore is favored by major crypto exchanges, and leading crypto exchanges such as BitStamp, Coinbase, and Upbit have been approved for PSA exempt license.
Since 2018, the Monetary Authority of Singapore (MAS) has had strict AML anti-money laundering and CTF anti-terrorist financing requirements for crypto exchanges. Singapore issued the PSA (Payment Service Act) in 2020, which requires crypto exchanges to apply for a PSA license from MAS. Holding the license will be able to legally provide crypto exchange services in Singapore. Many crypto exchanges seeking compliance development began applying for PSA licenses in the second half of 2020.
The PSA license has comprehensive provisions on the company’s main body, personnel arrangements, management background, platform strength, capital, security deposit, legal compliance, office address, etc. Generally, the application for a PSA license requires the establishment of a company in Singapore first, usually Fintech-blockchain category, and has a permanent office in Singapore. Companies need to appoint senior executives (CEOs, compliance officers) with Singaporean nationality or PR status, and the application cycle usually takes 6-12 months.
For teams unfamiliar with local regulations in Singapore, applying for a PSA license for the first time will undoubtedly encounter many challenges. Therefore, finding an experienced local service provider is a more efficient and wise choice. Now the one-stop crypto exchanges license application service have beenlaunched by blockchain financial company Bluehelix.
Bluehelix's crypto exchange license application services include company registration, recruitment of compliance personnel, legal counsel and audit services, third-party compliance service provider services, license application consulting services, and compliance crypto exchange system-Bluehelix Cloud Crypto Exchange system.
Bluehelix has partnered with world-renowned company registration service providers, law firms, accounting firms, third-party KYC service providers and senior human resources service providers in Singapore for all aspects of seeking compliance.
Bluehelix is a leading global blockchain financial infrastructure provider whose main business is to provide stable and compliant crypto exchange system services for cryptocurrency companies, and has served over 350 corporate clients worldwide, including Xtheta, a licensed Japanese crypto exchange, Hanbitco, a licensed Korean exchange, and Chiliz, an exchange focused on sports and entertainment tokens, etc. Bluehelix is based in Singapore and is very familiar with the local market. Since its inception, Bluehelix has always paid close attention to the regulatory situation and market environment in different regions, striving to provide the best service to clients in different regions.
