The Monetary Authority of Singapore (MAS) has granted in-principle approval to fintech firm Revolut to offer digital payment token (DPT) services under the Payment Services Act, according to media reports.
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- Revolut Technologies Singapore Pte. Ltd. (RTS) is already licensed as a ‘Major Payment Institution’ in Singapore.
- The addition, a DPT license, will allow RTS to provide cryptocurrency services to customers in Singapore.
- Ravi Menon, managing director of MAS, said on Wednesday the central bank has granted licenses or in-principle approvals to 11 DPT service providers over the past two years.
- MAS has fully approved three DPT licenses in Singapore as of press time.
- Menon said granting licenses to crypto asset service providers mostly depends on their ability to manage risks such as money laundering, terrorism financing, technology risks and public retail access.
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