The Monetary Authority of Singapore granted the crypto exchange a Major Payment Institution license, allowing it to provide Digital Payment Token (DPT) services under the Payment Services Act, the company said.
See related article: Singapore wants to bring some adult supervision to crypto
- In Singapore, cryptocurrency exchanges are required to be licensed and supervised under the city-state’s Payment Services Act, primarily for money laundering and terrorism financing risks.
- This is the fourth full license granted to a firm by MAS.
- Last month, two other crypto firms, Revolut and Luno, received in-principle approval from MAS to operate fully regulated cryptocurrency services in Singapore.
- In the last two years, MAS granted licenses and in-principle approvals to 11 digital payment token service providers, managing director Ravi Menon said at the Financial Times’ Crypto and Digital Assets Summit last month.
- The applications of over 100 entities are pending reviews.
- Many DPT service providers currently work in Singapore under an exemption until the application is approved or rejected by MAS, or withdrawn by the applicant.
See related article: Caught between a rock and a hard place, Singapore tightens crypto oversight