Crypto Payments Firm Halts Operations Citing Singapore’s New Regulatory Regime
Cryptocurrency payments provider Coinpip has shut down, but possibly only temporarily.
The Singapore-based firm announced on its website that it has "suspended operations" while it looks at becoming licensed by the country's financial regulators after new rules were brought in earlier this year.
"We will focus on reviewing license requirements under the Singapore Payment Services Act," Coinpip said. Transactions made prior to Feb. 11 would be completed, the firm added.
In January, the Monetary Authority of Singapore (MAS) said it was updating its regulatory framework for digital payments.
The move brought brought so-called Digital Payment Token (DPT) services under the Payment Services Act 2019 under current anti-money laundering and counterterrorist-financing rules.
That means crypto firms in the jurisdiction are required to first register and then apply for a license to operate.
Coinpip began as a bitcoin merchant services provider and later expanded into payroll transfers and remittances. It joined ‘Batch 11‘ of 500 Startups’ accelerator program in California back in 2014 and was selected by a government agency to represent Singapore an event in the US the next year.