Singapore’s central bank is in the final stages of reviewing applications for licenses to provide crypto services, including payments and the operation of cryptocurrency exchanges, according to Tharman Shanmugaratnam, minister in charge of the Monetary Authority of Singapore (MAS), which regulates financial institutions in Singapore.
Fast facts
- To date, Singapore has received over 480 crypto service license applications under the Payment Services Act, which came into effect in January 2020, said Shanmugaratnam yesterday in a written reply to a parlimentary question. Of these, around 170 applicants — or 35% — have applied to provide DPT services 170 applications for a license to provide digital payment token (DPT) services.
