More than 100 out of 170 digital payment token services have been refused a license by the Monetary Authority of Singapore (MAS), the local financial regulator.
According to reports, 103 companies failed to meet important criteria outlined by MAS and saw their regulatory statuses removed.
Bitxmi CEO Sanjay Jain confirmed that the company’s Singaporean branch has failed to meet the licensing criteria and will have to wind down, due to the issues that trying to run business without a license would cause.
Bitxmi, a well-known and compliant service, is just one to get the axe from the Singapore list of crypto-approved companies. Others, such as BitGo and Klaytn have also been ousted.
Many established names managed to survive the culling process with Coinbase Singapore, Gemini Trust and others remaining operation-ready in Singapore.
MAS warned that cryptocurrencies, while appealing, did hide some dangers. Binance, on the other hand, had to wind down operations.
“Cryptocurrencies could be abused for money laundering, terrorism financing or proliferation financing due to the speed and cross-border nature of the transactions”, the regulator stated.
Singapore may have wanted to be seen as a crypto-friendly place which seeks to attract tourism fuelled by digital currencies, but there is nothing lax about the way the country regulates innovation.