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Vandana Malik
Apr 1, 2020
by Vandana Malik

STAE Along with Other Firms Granted Exemption in Regulatory Framework

STAE
Blockchain technology and the firms dealing in blockchain or cryptocurrency are a subject of doubt in different countries. It does not come under legal tender in many countries and huge restrictions have been imposed on them by regulators.

The regulations related to blockchain and the firms dealing with it are unclear in different firms. Recently, there have been some changes in the regulations related to blockchain in Singapore. According to the Payment Services Act of Singapore, STAE along with WeChat and Aliplay have been exempted under the regulations. 

Exemption period granted to select businesses by MAS

The Monetary Authority of Singapore (MAS) which is the central bank of Singapore has given certain exemptions. These exemptions are for the different firms and STAE is also included in them.

The major reason for providing this exemption is to make sure that there will not be an impediment in conducting business operations. The exemption that has been granted to STAE and other firms will allow them to conduct operations in specific areas. Those areas include Account Issuance Service, Cross-Border Money Transfer Service, Digital Payment Token Service and a lot more.

STAE working with legal team to get the official license 

This exemption by the MAS is a great relief for various firms otherwise there would have been great difficulties in their businesses. Meanwhile, STAE is working along with the legal team in order to get the official license. STAE is working on it so that it won’t face difficulties in conducting operations when its license will get expired.

Currently, STAE deals in stablecoins which are tied with USD or RMB otherwise backed by ETC or BTC. These stablecoins are also linked with different wallet providers. These will be later linked up with a custom messager application.

It has been assumed that if the firms will be able to get the license then there will be a first crypto version of WeChat. This will happen for the first time in the whole crypto industry.

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    STAE Along with Other Firms Granted Exemption in Regulatory Framework
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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