Singapore to License Digital Payment Providers, Approves Crypto Exchange

[RSRS]

The Monetary Authority of Singapore (MAS) has notified several providers of digital payment services that they will be licensed to operate in the city-state. The move, which comes after the approval of a crypto exchange for a license, secures Singapore’s status as Asia’s crypto hub, industry observers say.

Digital Payment Service Providers to Be Authorized to Operate in Singapore
The central banking authority of Singapore has informed digital payment service providers that it’s going to license them to operate under its jurisdiction. MAS told “several” out of 170 applicants it’s “prepared to grant them payment services licenses,” as long as they implement measures to meet its requirements, the regulator confirmed to South China Morning Post’s ‘This Week in Asia’ edition. Two applications have been rejected so far and another 30 withdrawn for failing to meet anti-money laundering standards.


Monetary Authority of Singapore.
The news comes after the Australian cryptocurrency exchange Independent Reserve announced earlier this week it had received an “in-principle approval” from Singapore’s monetary authority for a license as a regulated provider of digital payment token services. The trading platform noted in a statement that it’s among the first virtual asset service providers to receive such approval in the city.

More Information