Crypto Daily
2023-06-01 19:05:21 Secures Major Payment Institution License from MAS

Crypto exchange announced it had been granted a Major Payment Institution license (MPI) for Digital Payment Token (DPT) services from Singapore’s MAS. On Thursday, Singapore-based cryptocurrency exchange announced that it received its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). We're excited to share our latest regulatory achievement in one of the world's leading crypto hubs, #Singapore 🇸🇬 has been granted the Major Payment Institution Licence by The Monetary Authority of Singapore @MAS_sg Learn more: — (@cryptocom) June 1, 2023 In a press release, company CEO Kris Marszalek said: The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector. We are proud to receive the licence from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore. The announcement comes a year after the exchange received in-principle approval from MAS in June 2022. Securing this license means can continue offering its DPT service to Singaporean customers. Bags Another Regulatory Greenlight The regulatory approval from Singapore’s MAS adds to the exchanges list of regulatory permission. received a Payment Institution License from Brazil’s central bank in December. In its announcement, the exchange also detailed its global regulatory status: In recent months, has received in-principle approval of its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), regulatory approval as a Digital Asset Service Provider by the Autorité des marchés financiers (AMF) in France, registration approval as a cryptoasset business from the UK Financial Conduct Authority (FCA), provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority (VARA), Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea, a pre-registration undertaking with the Ontario Securities Administration in Canada, among others. Forced to Cut Staff Following FTX Collapse The collapse of the crypto exchange FTX caused widespread industry turmoil, and was not immune. In January, the exchange announced that it would cut its staff by 20% due to the “significant damage” caused by FTX. The company further cited economic difficulties spurred by the overall market downturn as the reason for its decision. Kris Marszalek said at the time: We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.