Several crypto companies that operate in Singapore have been granted an exemption from holding a license for a limited period.

The announcement was made during the week, by the Monetary Authority of Singapore (MAS), stating that companies such as Ripple, Coinbase, Binance, among others can provide specific payment services under exemptions.

The announcement noted that these companies can provide digital payment services in the jurisdiction until July 28, 2020. However, the companies are required to submit a licensing application for their services since the exemption will cease after the stated date.

Other companies such as BitGo and Gemini Trust company can also provide account issuance service, domestic money transfer service, and internal cross-border money transfer service until the grace period is over.

The regulator noted in the announcement that these companies are not licensed under the Singapore Payment Services (PS) Act to provide the specific payment services. However, the regulator said they are being allowed to continue to provide the specific payment services, which will cease after the specific period.

The Singapore Payment Services Act was implemented earlier this year. The MAS said at the time that it believes cryptocurrencies carry notable money laundering risks is due to their anonymous and borderless nature of transactions. It therefore required all crypto businesses to be licensed to operate in the country.

Other notable crypto companies that have also been granted exemptions by the MAS include LedgerX, OKCoin, DRW, Cumberland, GXR, PandiX Labs, and several others.

Commenting on the exemption, David Ben Kay, Chief Legal Officer at PandiX Labs stated that, in compliance with the PS Act, the company will be filing its license application to operate account issuance and digital payment token services by July 28, 2020.