Singapore to License Digital Payment Providers, Approves Crypto Exchange
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....
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Crypto trading platform Crypto.com has received a license approval from the Monetary Authority of Singapore. Crypto.com is a major exchange looking to expand its operations to the South-East Asia market and eventually globally. This In-Principle Digital Token Payment License that has been given to other companies has helped the the firms offer services in Singapore. […]
Quick Facts: ➡️ Ripple’s expanded MPI license in Singapore underscores how digital asset payment rails are moving into tightly regulated, institutional-grade territory. ➡️ The Monetary Authority of Singapore’s approach shows how clear taxonomy and licensing can turn crypto from speculative edge case into trusted infrastructure supporting cross-border and retail payment flows. ➡️ AI-powered content and […]
Amid global expansion moves, Coinbase announced on October 1 that it secured a new Major Payment Institution (MPI) license in Singapore. This license will enable it to expand its digital asset payment services to Singapore’s retail and institutional customers. The MPI license comes one year after Coinbase obtained an in-principle approval from Singapore’s Monetary Authority […]
Considering the higher risk involved in cryptocurrency, the Monetary Authority of Singapore (MAS) has tightened the procedure to approve a crypto license for digital asset providers, making the regime a “responsible global crypto hub.” Ravi Menon, the managing director of MAS, stressed enacting a more strict process while issuing a company legal license to operate […]
The approvals came after the Monetary Authority of Singapore issued two consultation papers that proposed to ease regulatory hurdles for digital asset service providers. Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state's central bank.Circle received in-principle approval for a Major Payments Institution License allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments while Paxos received its license to offer digital payment token services.Circle and....