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MAS Of Singapore Granted The Crypto Exchange As A Major Payment Institution
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.
Uzma D.
5:31 10th May, 2022
Adoption

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providers currently work in Singapore under an exemption until the application is approved or rejected by MAS, or withdrawn by the applicant.

Source



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