Singapore: On Wednesday (June 22nd), the Monetary Authority of Singapore (MAS) issued a principle approval to three more cryptocurrency companies (Crypto.com, Genesis and Sparrow).
These three bring the total number of licenses and principle approvals issued to digital payment token service providers over the last two years to 14.
Among the providers are stablecoin players like Paxos, cryptocurrency exchanges like Coinhako, and traditional financial institutions like DBS Vickers.
Deputy Prime Minister Hen Swee Quiet announced the approval in a pre-recorded speech at the opening of the Swiss Point Zero Forum.
“Singapore continues to be enthusiastic about working with blockchain and digital asset players,” Heng said, deciding to partner with “innovative and responsible” players to grow Singapore’s Web3.0 ecosystem and community. He added that he was working on it.
Mr. Hen said crypto assets have recently been in the limelight for “wrong reasons.”
“But this doesn’t reflect where the greatest value of blockchain and digital assets is. Many are away from retail glare … the blockchain technology that underlies cryptocurrencies is It’s not a simple thing that could improve the cross-border transactions of wholesale where the payment process takes place. ”
Kris Marszalek, co-founder and CEO of Crypto.com, said MAS has set high regulatory standards to foster innovation while protecting consumers.
“Their principle approval for our application reflects the reliable and secure platform we have enthusiastically built.”
