Clarifying the Termination of Support for Select Tokens

Liquid is working hard to find the right balance between facilitating the adoption of blockchain technology and adhering to regulatory requirements in the jurisdictions we operate in. We work closely with regulators in Japan and Singapore and are taking a conservative approach with all regulatory requirements. To this end, we have decided to cease the support of the below-specified tokens at this point in time to ensure compliance with the requirements for providing digital payment token services under Singapore’s Payment Services Act. Singapore license application Liquid has submitted our application to the Monetary Authority of Singapore (MAS) for a license to provide digital payment token services as a major payment institution under the Payment Services Act. Like the rest of the industry, we are working on creating an operational framework that is in adherence to regulations, which is not always easy when dealing with the relative novelty of blockchain-based assets. As part of this application process, Liquid has decided to halt trading support of tokens that were unable to satisfy compliance requirements in time for the submission. Some of these token projects, however, are in the process of providing the requested information or clarification and may be re-enabled in the future. Accordingly, we expect to re-list some of the tokens below and are in contact with the relevant token projects. Having already notified affected token holders, this blog post serves to update the general population of Liquid users about these recent changes. Effective immediately, these tokens: WILL NOT be able to be traded on Liquid.com WILL NOT be able to be deposited on Liquid.com WILL be able to be withdrawn from Liquid.com As a matter of good faith, Liquid has decided to remove all withdrawal fees of all affected tokens for the time being. List of affected tokens The list of affected tokens can be found below: SNX ZEC XML XMR XNK SRORJ ENJ WLO GEN MITH DRG STORJ WIN VUU PPL OAX AMLT DENT FSN LND MITX SPHTX MRK IHF BRC IPSX ADH OAX PMA       About Payment Service Act Payment Services Act 2019 (PSA) is a new piece of legislation that came into effect in Singapore on January 28, 2020. The intention behind the PSA was to bring payments-related legislation in Singapore up to date with the major innovations that had occurred in the payments industry in recent years. It introduces new licensable activities not previously regulated in Singapore such as the provision of digital payment token services. The result is an “omnibus framework” that covers both new and traditional payment activities. Cryptocurrency exchanges facilitating the exchange of digital payment tokens in Singapore now require a license to continue operations.