receives approval from Singapore’s financial regulators

03.08.2022 Off By apos2t

Major Australian Cryptocurrency Exchange received the approval in principle of the Monetary and Financial Administration of Singapore to obtain a license of a large payment institution. The license will allow the platform to provide a number of payment services in the country.

On Thursday, July 22, announced the approval of MAS, which is necessary to provide digital payment token services within the framework of the Singapore Payment Services Act.

In the announcement, Justin Hance, CEO, confirmed the company’s commitment to cooperation with MAS:

“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their principled approval of our application positions it as a reliable and secure platform that we have worked hard to create. We look forward to continuing our collaboration with MAS and expanding our roots in Singapore, a thriving fintech innovation market known for its well—regulated business environment”.

The Singapore Payment Services Act came into force in 2019, introducing categories of small and large payment institutions. To obtain the following licenses, enterprises must comply with a number of legal requirements, as well as act in accordance with the legislation on combating money laundering and countering the financing of terrorism.

In July informed about the preliminary approval of the license for virtual assets by the Dubai Virtual Assets Regulatory Authority.