Singapore Monetary Authority Issued 3 Digital Currency Payment Licenses

Singapore has issued three new approvals to its highly sought-after Digital Payments License Token (DPT) license. This license allows companies to offer cryptocurrency services. Although the prominent cryptocurrency exchange Crypto.com later said in a statement that it was one of the approved companies, the Monetary Authority of Singapore (MAS) has yet to disclose the approved company’s name.

According to reports, Trading platforms Genesis and Sparrow Exchange (through their entity Sparrowtech) has also received approval in principle. The move was announced in a speech by Deputy Prime Minister Heng Swee Keat on Wednesday (June 22nd), in which he reiterated Singapore’s desire to work with blockchain and digital asset players. “We are committed to working with innovative and responsible players to develop Singapore’s Web 3.0 ecosystem and community,” he said in his recorded speech at the opening ceremony of the Swiss Zero Forum.

To date, Singapore has issued licenses and approvals to 11 DPT service providers, excluding these 3 recently issued. These include stable coin issuers, cryptocurrency exchanges, and traditional financial institutions. Heng said that Singapore will facilitate field experiments of Web 3.0 through a regulatory sandbox, including testing the feasibility of decentralized finance and capital tokenization.