During an event earlier today, Singapore’s Deputy Prime Minister Heng Swee Keat announced that the Monetary Authority of Singapore (MAS) will today give three in-principle approvals for digital payment token service licenses. A digital payment token is the MAS term for cryptocurrencies. The major cryptocurrency exchange Crypto.com has confirmed it’s one of the recipients and a source told Ledger Insights that the other two are prime broker Genesis and Singapore crypto options exchange Sparrowtech.
They join 11 other in-principle license recipients, including stablecoin providers, crypto exchanges, and traditional financial institutions. We reported that Paxos received an in-principle license for stablecoins, crypto brokerage and custody in January.
At the beginning of the year, the Monetary Authority of Singapore clamped down on cryptocurrencies, particularly retail-targeted promotions. They essentially banned the use of advertising and social media influencers to sell cryptocurrency services. Several crypto players have migrated to other jurisdictions.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
