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The Monetary Authority of Singapore (MAS), the country’s central bank has handed out three new in-principal approvals for its digital payment license which allows firms to offer crypto services.
Crypto.com, Genesis, Sparrowtech Get Crypto License Approvals From MAS
Singapore has awarded 3 more in-principle approvals for its Digital Payment Token (DPT) license that allows companies to offer crypto services. Deputy Prime Minister Heng Swee Keat announced the new additions in a recorded speech aired on Wednesday at the inaugural Point Zero Forum held in Zurich, Switzerland.
“Singapore remains keen to work with blockchain and digital asset players,” he said, adding “We are committed to partner innovative and responsible players to grow the Web 3.0 ecosystem and community in Singapore,”
While the three applicants were not named at the event, it was revealed in a separate report that Crypto.com, Genesis, and Sparrowtech are the companies who were granted the much-coveted DPT license. This brings the total number of licenses and in-principle approvals granted over the past two years to 14 digital payment token service providers.
MAS Has Received A Total Of 196 Applications
Under the Payment Services Act, which came into effect in January 2020, all crypto companies operating in Singapore must be registered and licensed. As of the end of May, MAS has received a total of 196 applications to provide digital payment token services. Of these, 14 received in-principle approvals, 74 were withdrawn, 108 are pending review while another three had their applications rejected.