Malta-based crypto exchange giant, Binance, has applied for an operating license in Singapore under the government’s new payments legislation.

Binance co-founder and CEO, Changpeng Zhao, mentioned in a phone interview that the company had already applied. According to Zhao, the company submitted its application pretty fast. He claimed Binance’s Singapore entity has been in close contact with the local regulators and they have always been open-minded.

The Singapore Payment Services Act was implemented just last month. It is the first comprehensive regulation for companies handling activities such as digital payments and trading of crypto.

Aside bringing crypto companies into the regulatory fold, the law will also hand the Monetary Authority of Singapore formal supervisory powers for cybersecurity risks. The authority will now have controls on money laundering and tourism financing.

Binance currently has an office in Singapore and is backed by the venture capital arm of Singapore-based Temasek Holdings Pte, Vertex Venture Holdings Limited. It is not the only crypto exchange that has identified the potentials in this new license. Tokyo-based crypto exchange operator, Liquid Group Inc. and London-based Luno, have also declared their intentions to apply for the license.

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