scores payment license from Singapore central bank

Crypto exchange has been granted a payments license from Singapore’s central bank — the Monetary Authority of Singapore (MAS). announced on Aug. 7 it received its major payment institution (MPI) license from MAS on Aug. 1 allowing it to provide what the regulator calls digital payment token services to institutional and accredited investors.

The exchange’s full license comes after it received in-principal approval from the bank in September last year.

With its license approved, is the twelfth digital payment token service provider in the country and joins other providers including Circle, Independent Reserve, Paxos, Revolut and DBS Vickers.

It follows other recent approvals by MAS including an in-principal approval for an MPI license to offer crypto services to blockchain-based payments firm Ripple in June.

The local entity of USD Coin (USDC) issuer Circle also received its MPI license in June seven months after scoring its in-principle approval.

Related: Singapore High Court rules crypto personal property, compares it to fiat money

Singapore is aiming to cement its position as a crypto hub with funding commitments and further industry regulations around customer protections.

Earlier on Aug. 7 MAS said it would commit $112 million, around 150 million Singapore dollars, to supporting the financial technology sector including those in Web3.

The regulator also introduced new requirements in July, which see crypto service providers required to hold customer funds in a statutory trust by the end of the year with further proposals being worked on to restrict crypto providers from facilitating lending or staking of retail customer assets.

A July report by Galaxy Digital said while the United States still saw the bulk of crypto startup funding in Q2 2022, Singapore-based crypto firms were third in line, trailing the United Kingdom.

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