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Digital Treasures Center latest to win Singapore’s crypto license

Legal

forkast.news 01 August 2022 14:45, UTC
  
Reading time: ~2 m

Digital Treasures Center (DTC) became the latest firm to receive the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to become a regulated Digital Payment Token (DPT) services provider, the company announced on Monday. 

See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’

Fast facts

  • A full license under the Payment Services Act (PSA) in Singapore allows DTC to offer domestic money transfer services, cross-border transfers, e-money issuance and digital payment tokens services, including fiat-to-crypto pairings.
  • The central bank granted DPT licenses and in-principle approvals to 11 service providers as of May 2022.
  • MAS received a total of 196 DPT license applications by the end of May, though it rejected three while 74 had withdrawn, the regulator said in a June email response to Forkast.
  • “As crypto payment gains momentum, we are hopeful to see more merchants from various industries coming onboard to accept crypto as an additional form of payment,” Alice Liu, chief executive and founder of DTC, said in a press release.
  • Liu added that the company had seen an uptick of inquiries and onboarding from merchants and companies from healthcare to music, food, beverages and automobiles on enabling crypto payments. 

See related article: How a market slump may be helping Singapore’s stance against retail crypto


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