Bithumb Singapore submitted the Notification Form To acquire the License under the PSA
- Quick response to Singapore's regulation related to crypto
- Trying to attract additional investment for its business expansion
SINGAPORE, Feb. 20, 2020 /PRNewswire/ -- On January 28, 2020, the Monetary Authority of Singapore (MAS) announced the enforcement of the 'Payment Services Act (PSA)', which was passed by the country's parliament in January 2019. The new law adopts a licensing framework for the payment service providers including the Digital Payment Token (DPT) service, also known as cryptocurrency relevant service.
According to the Bithumb Singapore official, the company has already submitted the Notification Form to acquire the DPT activity license under the PSA. They responded to the local government's new regulatory framework quite quickly.
Bithumb Singapore is a cryptocurrency exchange operated by a legally independent company RDMCHAIN, which is headquartered in Singapore. They have received a lot of attention after they signed the Brand Licensing agreement with Bithumb, in recognition of its technology. Recently, the company has integrated a third-party service, which helps users buy and sell cryptos with different local currencies. And, they are trying to attract additional investment for business expansion now.