NEW YORK, NY / ACCESSWIRE / March 31, 2020 / The regulatory landscape has been infamously unclear about the legality of blockchain powered financial services, leaving many businesses locked in legal limbo. However, the grey clouds appear to be parting, at least in sunny Singapore, with the enforcement of their Payment Services Act.
The law only recently came into effect, but there are not yet clear standards or precedents as to how the law will be interpreted by the Monetary Authority of Singapore (MAS) or by the courts. To avoid hampering business operations, MAS has granted an exemption period to select businesses who are already operating in the space. Alongside WeChat and Alipay, STAE has been granted this exemption allowing operations in the following areas: Account Issuance Service, Domestic Money Transfer Service,
Cross-Border Money Transfer Service, E-money issuance below S$30 million, and Digital Payment Token Service. STAE is currently working with a renowned legal team to earn the official license when the exemption privilege eventually expires.
STAE currently provides decentralized stablecoins tied to either the USD or the RMB, backed by either
ETH or BTC, has partnered with a wallet provider, and will link up with a custom messager application
later this year. With those three services offered and a license coming down the pipes, the blockchain
industry could be looking at the very first crypto version of WeChat.
Name: Sean Liu
Tele: +86 10 86358827
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