Straits Millennium Pte Ltd, a subsidiary of Straits Financial Group, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
This license enables the company to provide digital payment token (DPT) services in accordance with the Payment Services Act 2019. The approval strengthens Straits Millennium’s position within Singapore’s digital asset ecosystem and enhances its capabilities in the regulated cryptocurrency and digital payment sector.
Straits Millennium, part of Straits Financial Group, bridges traditional finance with digital assets. With recent in-principle approval for a full MPI license, the company aims to provide a compliant platform for institutional investors and businesses to conduct cryptocurrency transactions. This development enhances Straits Millennium’s position as a leading provider in Singapore’s regulated crypto industry, ensuring regulatory adherence and market security for seamless trade execution.
Jeremy Ang, CEO of Straits Financial Group, described the approval as a significant step in the firm’s commitment to regulatory excellence and innovation in digital finance. He highlighted Singapore’s leadership in crypto regulation and Straits Millennium’s focus on delivering secure and scalable financial services for the evolving digital economy.
Amily Ho, Digital Assets Lead at Straits Millennium, emphasized the growing demand for regulated cryptocurrency services and the company’s role in creating a transparent and scalable ecosystem for institutional investors.
Meanwhile, HashKey Group announced on January 13, 2025, that its MENA subsidiary has received conditional approval for a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This license will allow HashKey MENA FZE to offer Virtual Asset Exchange and Broker-Dealer Services to retail, qualified, and institutional investors within and outside Dubai. Additionally, the approval benefits HashKey OTC by expanding its regulated regional operations. VARA oversees Dubai’s virtual asset sector and enforces stringent compliance standards to maintain market integrity and investor protection.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
