Straits Millennium Pte Ltd, a subsidiary of Straits Financial Group, has moved from in-principle approval to a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The company first announced its in-principle approval on February 17, 2025, before announcing that it had secured the full license on September 1, 2025.
The original Straits Millennium announcement described the approval as a step toward offering digital payment token (DPT) services under Singapore’s Payment Services Act 2019. The company’s subsequent full-license announcement provides the next stage of that development.
The distinction between the two milestones matters. In-principle approval is conditional and does not itself authorize a company to provide payment services. MAS’s Financial Institutions Directory now lists Straits Millennium as an MPI with digital payment token and cross-border money transfer services.
What an MPI license changes for digital-asset businesses
An MPI license places a payment-services provider within MAS’s regulatory framework. For digital asset firms, that framework is relevant to how they structure services, manage compliance obligations, and serve customers in Singapore.
MAS has continued to increase its oversight of digital payment token activities. In April 2024, the regulator increased the scope of its digital-asset rules to cover areas including token custody and certain cross-border transfers.
These developments provide context for Straits Millennium’s licensing progression. The authorization is part of a broader regulatory environment in which digital-asset firms must meet formal requirements before offering specified services.
However, a license does not automatically establish customer demand, market leadership, or commercial success. The effect on institutional investors and businesses will depend on the services Straits Millennium offers, its customer relationships, and its ability to operate within the applicable rules.
ALSO READ: QCP Trading Secures Full MPI License from Singapore Regulator
Singapore’s licensing landscape is becoming more established
Straits Millennium’s authorization follows other digital-asset firms through Singapore’s licensing process. In August 2024, HashKey OTC received its full MPI license from MAS, allowing it to provide regulated DPT services. DeFi Planet covered the development in HashKey OTC Elevates Status with MAS License Approval for Regulated Digital Payment Token Services.
BitGo Singapore also launched regulated digital-asset services in the Asia-Pacific region after receiving its MPI license. The development is discussed in BitGo Singapore Launches Regulated Digital Asset Solutions in APAC Region.
These examples show that Straits Millennium is entering an existing regulated market rather than creating Singapore’s first licensed digital-asset infrastructure. The more useful question is how its services will differ from those of other authorized providers.
A regional comparison: Singapore and Dubai
Straits Millennium’s licensing history can also be considered alongside developments in Dubai. On January 13, 2025, HashKey Group announced that its MENA subsidiary had received in-principle approval from the Dubai Virtual Assets Regulatory Authority (VARA) for a VASP license.
According to HashKey’s original announcement, the proposed authorization would cover virtual asset exchange and broker-dealer services for retail, qualified, and institutional investors, subject to final approval.
DeFi Planet previously reported the development in HashKey MENA Subsidiary Receives Conditional Approval for Dubai VASP License.
The two cases involve different jurisdictions, licensing systems, and services. They should therefore be compared through their actual regulatory requirements rather than treated as equivalent approvals.
What to watch next
With the full MPI license now recorded by MAS, the next stage of the Straits Millennium story is its commercial execution. Readers should watch for details about the company’s services, institutional partnerships, customer activity, and how it positions itself within Singapore’s regulated digital-asset market.
The broader regulatory question is whether licensing developments translate into useful, sustainable financial infrastructure for digital-asset businesses while maintaining the safeguards required by regulators.
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