Wirex has announced that it is working closely with the Monetary Authority of Singapore (MAS) to obtain a license under the new Payment Service Act (PS Act).
In January, the Singapore Parliament approved the new PS legislation which regulates payment systems and payment service providers in Singapore and which aims to provide a progressive framework that also regulates operators offering cryptocurrency services.
Because of this, despite the fact that Wirex is already regulated by the FCA in the UK, it still needs to obtain a local licence in order to operate in full compliance with the new rules in Singapore.
For the time being, together with a number of other carefully selected companies, it has obtained a temporary exemption from having to possess the licence, so that it can temporarily continue to operate with its customers in Singapore. However, in order for Wirex to be able to operate indefinitely, it needs to obtain it.
Wirex says it considers the new MAS regulations essential to protect both the consumer and the operator, and to continue to reassure its customers about the security of their funds.
Indeed, it believes that acceptance of this legislation could encourage the digital economy to grow further in the region.
Wirex‘s General Counsel, Dominique Simon, commented:
“The creation of the act is a step in the right direction for the development of blockchain technology. It’s great that institutional bodies are recognising the benefits of cryptocurrency; our reliance on cashless payments in these unprecedented times have only further highlighted the need for the mass adoption of the digital economy and the demand for user-friendly platforms like Wirex to facilitate this. Wirex looks forward to being able to apply the same industry-leading standards in Singapore. The PS Act is an innovative, forward-thinking regulation that captures the expansive and evolving scope of payment services”.
In conclusion, Wirex says it has recently reached the 3 million registered users on its platform, with a growth of over 200% in trading volume in the last month in the APac (Asia-Pacific) area.
New developments in Singapore are expected to help the company expand across the region, with ambitious global growth plans and a possible launch in the US in the short term.