Crypto Regulation considered by Chilean President

Mario Marcel has noted in favor of developing a regulatory apparatus: evident openness to crypto regulating contrasts the recent banking embargo
23 May 2018   1146

President Marcel at a forum recently kept by Chile’s Finance Commission of Deputies, made comments displaying that his administration is considering developing an apparatus designed to regulate and monitor activities pertaining to Chile’s cryptocurrency sector. Cryptocurrencies are entirely unregulated in Chile, and are not legally admitted as a means of exchange or securities. Mr. Marcel claimed in favor of developing an effective ways through which to monitor the cryptocurrency markets:

Incorporating a regulation would allow having a registry of the participants in these activities and thus have information to monitor the associated risks. These activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing.
Mario Marcel
President, Chile

By contrast, President Marcel declared that developing an ad hoc regulatory apparatus may risk supplying a false “sense of security” whilst flawed to sefficient  manage associated risks. Nevertheless, Mr. Marcel still questioned whether or not a regulatory framework for virtual currencies is warranted in Chile, affirming:  “Considering that these assets exist in the country, there is an associated industry and people who own them, it is questionable if it would be appropriate to change this situation.”

The apparent openness on the part of the Chilean administration to developing a regulatory apparatus for cryptocurrencies comprises a significant a departure from the recent banking embargo experienced in Chile.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   260

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.