MAS Approves Crypto Licenses Crypto.com, Genesis, Sparrowtech

The central bank of Singapore, the Monetary Authority of Singapore (MAS), has granted three additional in-principle approvals for its digital payment license, which enables businesses to provide cryptocurrency services.

Genesis, Sparrowtech, and Crypto.com Obtain MAS approval for your crypto license

Three additional in-principle approvals have been given by Singapore for its Digital Payment Token (DPT) license, which enables businesses to provide cryptocurrency services.

In a recorded speech played on Wednesday at the inaugural Point Zero Forum held in Zurich, Switzerland, Deputy Prime Minister Heng Swee Keat made the additional changes.

“Singapore remains keen to work with blockchain and digital asset players,” he said, adding “We are committed to partner innovative and responsible players to grow the Web 3.0 ecosystem and community in Singapore”.

The three applicants—Crypto.com, Genesis, and Sparrowtech—were given the highly sought-after DPT license, albeit the names of the three were not made public during the ceremony.

With this, 14 digital payment token service providers now have licenses and in-principle approvals, which is the total number issued during the previous two years.

196 applications have been submitted to MAS in total

All cryptocurrency businesses operating in Singapore are required to be registered and licensed under the Payment Services Act, which went into force in January 2020.

A total of 196 applications for the provision of digital payment token services had been received by MAS as of the end of May. 14 of them had their applications refused, 74 were withdrawn, 108 are being reviewed, and the remaining three had their applications approved in principle.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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