MAS approves digital assets firms

Singapore skyline 2Singapore’s financial regulator has issued licences to two fintechs operating in the digital assets space. The Monetary Authority of Singapore (MAS) has awarded in-principle approval to US-based Paxos, a regulated blockchain infrastructure platform that provides crypto trading and custody services. The MAS also issued in-principle approval to Swiss digital assets provider Sygnum. The firm has a Swiss banking licence and a Singapore capital markets services licence. Sygnum will now be able to offer more services to institutional investors in Singapore, including tokenisation services and digital asset structuring advice as well as custody.  Paxos will also be able to offer digital asset services to Singapore-domiciled clients. The MAS has been prudent up to now in approving digital assets providers and crypto trading firms. Crypto exchange Binance had its Singapore licence application repeatedly withdrawn during 2021 because it did not meet the regulator’s anti-money laundering requirements. During 2021, the MAS turned down 103 of the 176 licence applications from crypto firms. The approvals also come less than two months after the MAS issued guidelines to curb crypto trading among retail investors, including the removal of cryptocurrency ATMs. © 2022 funds global asia

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