Supporting the Largest Crypto Exchange in MAS Payment Services Act License Application
About The Client
The Client is the world's largest cryptocurrency exchange, providing an easy and secure place to buy, sell, and manage digital currency. It has over 56 million users across 32 countries worldwide including Singapore.
In January 2020, the Monetary Authority of Singapore (MAS) implemented the Payment Services Act (PSA), a comprehensive regulatory framework for companies handling activities relating to digital assets. The new ruling means cryptocurrency-related services need to obtain licenses from MAS to continue their operations in Singapore.
One of the challenges faced by the Client was the lack of policies and procedures that were localised to suit the requirements of MAS. They also did not have in-house security compliance personnel or a team to assist in the application process.
Over a period of 2 months, Pragma provided advisory support in the Client's PSA application process in the aspects of security compliance and responding to questions related to technology risks raised by the authorities.
Given the complexity of the project and lack of an in-house security compliance team, Pragma worked closely with the client's Legal Counsel, Head of Compliance and Director for Security and Privacy to leverage their existing global policies and procedures, as well as align their service level agreements to meet MAS compliance requirements. We also interpreted the Act to ensure it's applicable for cryptocurrency exchanges.
The Client was able to submit their application and answer queries raised by MAS confidently with guidance from Pragma's security and compliance expertise. As a leader in the cryptocurrency exchange space, security is a priority. Through Pragma's recommendations, the Client has better clarity from a security standpoint to implement technology and security controls.
Pragma provided the required expertise and helped the Client meet MAS compliance requirements for cryptocurrency exchanges.
Improved understanding of security
Pragma's recommendations helped the Client gain a better understanding of technology and security controls.
Provision of expertise
Pragma provided the Client with the required security and compliance expertise for the application of the MAS licence.
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