Japanese crypto company excludes 29 coins from the list for obtaining a license in Singapore

Popular Japanese cryptocurrency exchange firm Liquid has removed 29 cryptocurrencies from its listing including Monero (XMR), Zcash (ZEC) and others, in order to comply with Singapore’s encryption rules. Liquid has started this delisting procedure to become a licensed crypto firm in Singapore

Crypto exchanges sacrifice coins for licenses

Cryptocurrency industry in Singapore has recently been upgraded to meet the standards set by the financial action Task force (FATF).

Therefore, a Japanese cryptocurrency exchange firm that has already applied for a license must comply with the rules. It is worth noting that Quoine, the parent company of Liquid, is licensed by the Japanese financial services Agency (FSA).

As Singapore strengthens regulations in line with the FATF standard, the monetary authority published a consultation document on July 21 explaining the increased AML/CFT requirements for virtual asset service providers (VASP).