Why is PayPal classified as a stored-value facility in Singapore if it doesn’t require approval from the Monetary Authority of Singapore?

In Singapore, the MAS (Monetary Authority of Singapore) has given an exemption to SVF (Stored Value Facility) from the Payment Systems (Oversight) Act when the stored value outstanding are under a certain threshold. Currently that bar is set at $30 Million. MAS approval is required for the operator when the SVF exceeds the $30 Million mark, and hence changing its status from SVF to WA-SVF (Widely Accepted Stored Value Facility).

If you're under the limit, you are not required to get approval.