BitGo received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in August 2024, allowing its Singapore subsidiary to provide regulated digital payment token (DPT) services. The company announced the development in a press release. The license gave BitGo Singapore a regulated framework for providing digital ...
Read moreDetailsHashKey Technology Services Pte. Ltd, the over-the-counter trading arm of HashKey Group, has officially received the Major Payment Institution licence from the Monetary Authority of Singapore (MAS). This licence, granted under the Payment Services Act 2019, authorises HashKey OTC to provide digital payment token (DPT) services, cementing its status as ...
Read moreDetailsHex Trust, a leading digital asset custodian, has obtained in-principle approval from Singapore's financial regulator for a major payment institution (MPI) licence. This development, announced on July 24, will enable Hex Trust to offer regulated "Digital Payment Token" services in Singapore, including custody and over-the-counter trading. According to the announcement, ...
Read moreDetailsDeutsche Bank, a German multinational investment bank, has announced its collaboration with Singapore's central bank to explore asset tokenization opportunities. The bank has joined the Monetary Authority of Singapore’s (MAS) Project Guardian initiative, which focuses on tokenizing assets in wholesale funding markets and DeFi applications. The project is a multi-year ...
Read moreDetailsThe future of the monetary system, as envisioned by Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), will consist of three crucial elements: central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins. Menon shared this insight in a panel session on the Future of ...
Read moreDetailsPopular stablecoin issuer Paxos is set to introduce a new U.S. dollar-backed stablecoin in Singapore, marking a significant step in its global expansion strategy. In an official statement released on November 15, 2023, Paxos revealed that it obtained an in-principle approval from Singapore's top financial regulator, the Monetary Authority of ...
Read moreDetailsIn November 2023, Umar Farooq, then JPMorgan's Global Head of Financial Institution Payments, said JPM Coin could soon handle more than $10 billion in daily transactions. Farooq made the forecast during an interview with Bloomberg Television at the Singapore FinTech Festival. At the time, JPM Coin was handling about $1 ...
Read moreDetailsThe Monetary Authority of Singapore (MAS) has initiated a significant collaboration with financial regulators from Japan, Switzerland, and the United Kingdom to foster the development of cross-border digital currency products and services. In a statement released on October 30, 2023, the MAS announced the formation of a policymaker group, including ...
Read moreDetailsThe Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland have completed a collaborative experimental test focused on cross-border trading and settlement involving wholesale central bank digital currencies (CBDCs). According to a report published by the Banque de France on September 28, 2023, the experimental ...
Read moreDetailsSingapore's Monetary Authority (MAS) has imposed a nine-year ban on Zhu Su and Kyle Davies, the founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC), for their alleged breaches of the country's securities laws. The MAS announced this decision in a statement published on September 14, 2023. This ...
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