Cryptocurrency exchange has received in-principle approval from the Monetary Authority of Singapore (MAS) for a license to offer “digital payment token” services in the city-state. 

See related article: Singapore’s MAS says needs to do better job explaining crypto policy

Fast facts

  • Singapore-based crypto exchanges Coinhako and Tokenize Xchange have previously stated that they are looking to shift their retail-dominated services to target institutional clients. 
  • While MAS has recently been accelerating approvals for crypto service providers, the world’s largest crypto exchange, Binance, withdrew its application for the island nation’s crypto license last year. 

See related article: Singapore wants to bring some adult supervision to crypto