According to the Monetary Authority of Singapore (MAS), more than 300 companies across the country have applied for crypto exchange payments and licenses.
Among the candidates are leading technology companies like Alibaba Group Holdings Ltd. and Ant Group, Binance Holdings Ltd., as well as Google’s parent company, Alphabet Inc.
These companies have enforced under the Payment Services Act, a comprehensive regulatory framework for companies managing digital asset-related activities, including payments and commerce.
The MAS currently regulates service providers that deal with the exchange of cryptocurrencies when they own the money or cryptocurrency. By law, the authority’s powers include regulatory action on these providers even if they don’t own the money or cryptocurrency involved.
The authority’s chief financial officer, Sopnendu Mohanty, said in an interview with Bloomberg that the MAS is still processing applications from companies seeking licenses to operate payment services and crypto exchanges in the city. .
“Licensing someone is a bonus, not something to be taken lightly. We make sure that anyone who obtains a MAS license is credible, ”said Mohanty.
A timetable for the issuance of the first license has not been given, but companies can continue to offer specific payment services while their applications are processed.
Increased demand for cryptocurrency in Singapore
Cryptocurrencies have grown in popularity internationally since the introduction of the first, Bitcoin, in 2009.
As the demand for cryptocurrencies skyrockets, the private sector has taken steps to strengthen its presence in cryptocurrencies.
DBS Bank, for example, recently launched a trusted solution for cryptocurrencies through the bank’s wholly owned trust company, DBS Trustee. It is also Asia’s first trusted banking solution for crypto.
More recently, it was reported that global lifestyle and gaming company Razer is “carefully evaluating” a potential entry into the cryptocurrency space.
Cryptocurrency and blockchain technology is a key content pillar for Vulcan Post. You can find the rest of our cryptocurrency coverage here.
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