More than 300 companies have applied for a cryptocurrency license in S’pore


According to the Singapore Monetary Authority (MAS), more than 300 companies in the country have applied for payments and cryptographic exchange licenses.

Applicants include leading technology companies such as Alibaba Group Holdings Ltd. and Ant Group, Binance Holdings Ltd., as well as the parent company of Google Alphabet Inc.

These companies enforced the Payment Services Act, a comprehensive regulatory framework for companies that manage activities related to digital assets, including payments and negotiation.

Currently, MAS regulates service providers that deal with cryptocurrency exchange when they have the money or cryptocurrency. By law, the authority’s powers include regulatory measures over these providers, even if they may not have the money or cryptocurrency involved.

The chief financial officer of the authority, Sopnendu Mohanty, said in a interview with Bloomberg that the MAS continues to process applications from companies seeking licenses to operate payment services and cryptographic exchanges in the city.

“Giving licenses to someone is a premium, it’s not something to be taken lightly. We make sure that whoever gets a MAS license will be credible, ”Mohanty said.

No timetable was given for when the first license would be granted, but companies can continue to offer specific payment services while applications are processed.

Increased demand for cryptocurrencies in Singapore

Cryptocurrencies have gained international popularity since the introduction of the first, Bitcoin, in 2009.

As the demand for cryptocurrencies increases, the private sector has taken steps to strengthen its presence in cryptocurrencies.

DBS Bank, for example, has has recently launched a trusted solution for cryptocurrencies through the bank’s wholly-owned trust company, DBS Trustee. It is also Asia’s first trusted solution for cryptography.

Most recently, it was reported that global gaming and lifestyle firm 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.

Featured Image Credit: Aspire App, WWD, Trend Themes

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