Two crypto firms have recently announced that they have obtained in-principle approval IPA from the Monetary Authority of Singapore MAS to provide digital asset-related offerings compliant with the watchdog’s requirements.
Through the licensing scheme under the city state’s Payment Services Act, MAS regulates seven types of payment services, including account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment tokens and money-changing.
Singapore-headquartered StraitsX acquired its licence as a major payment institution MPI for digital payment token services, while Taiwan-based XREX’s Singapore entity received approval covering six service categories except for money-changing services.
Upon receiving the licence,...
