100 digital payment token firms in Singapore fail to win licenses: Report
The Monetary Authority of Singapore wants to support crypto and blockchain adoption in the country but it’s also willing to recognize the risks. More than 100 out of 170 “digital payment token services” in Singapore have reportedly failed to obtain licenses from the local financial regulator, the Monetary Authority of Singapore, or MAS. 103 companies related to the digital payment industry in Singapore found their regulatory exemptions removed amid apparently tough regulation, Japan’s financial publication The Nikkei reported Monday, citing data from the MAS.Sanjay Jain, CEO at Dubai-based....
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The Monetary Authority of Singapore (MAS) has granted licenses to two companies to offer digital payment token services. The brokerage arm of DBS Bank received formal approval from Singapore’s principal financial regulator to provide crypto services. Australian cryptocurrency exchange Independent Reserve also received the same license under the Payment Services Act. With this, Independent Reserve becomes […]
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