Coinut Pte. Ltd. (“Coinut”) is currently operating under exemption and is exempted, pursuant to the Payment Services (Exemption for Specified Period) Regulations 2019 (“Exemption Regulations”), from holding a license under the Payment Services Act 2019 (“PS Act”). Application to the Monetary Authority of Singapore (“MAS”) to obtain a Major Payment Institution (“MPI”) license under the PS Act is in progress and in respect to all the following Payment Services:
- Account issuance service;
- E-money issuance service;
- Digital payment token service;
- Domestic Money Transfer; and
- Cross-border Money Transfer.
Please note that you may not be able to recover all the money you paid to Coinut Pte Ltd if Coinut Pte Ltd’s business fails.
RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES
The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token (DPT) service provider.
Before you pay your DPT service provider any money or DPT, you should be aware of the following.
1. Your DPT service provider is exempted by MAS from holding a license to provide DPT services. Please note that you may not be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
4. You should be aware that your DPT service provider, as part of its license to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
NOTICE FOR NON-SINGAPORE RESIDENTS
Coinut Pte Ltd is exempted by the Monetary Authority of Singapore from holding a license to provide e-money issuance services. Please take note that you may not be able to recover all the money you paid to Coinut Pte Ltd if Coinut Pte Ltd's business fails.
(Last updated: )