European Crypto Exchange Bitstamp Gets In-Principle Approval for Singapore Expansion
An in-principle approval is a preliminary nod that the MAS issues to firms applying for the major payment institution (MPI) license.
Singapore is aiming to become a center for fintech due to the changes of the regulation system.
An in-principle approval is a preliminary nod that the MAS issues to firms applying for the major payment institution (MPI) license.
The MAS will collaborate with local banks during the pilot, allowing them to issue tokenized bank liabilities on blockchain technology, streamlining the clearing and settlement processes.
The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market.
The unveiling of the wholesale CBDCs project comes a day after MAS announced the completion of live tests under project Guardian.
This means the company can now provide cross-border and domestic payment services and also offer token products within the region.
The new guidelines also mentioned that crypto ATMs should not be available to the public.
The Monetary Authority of Singapore stated that the Ubin project can be integrated with similar blockchain platforms enabling end-to-end digitization.
Trading platform iSTOX has announced that it received approval from the Monetary Authority of Singapore. As a result, the startup has obtained the right to begin expanding its operations.
Regulators in Singapore are considering the option of approving the launch of cryptocurrency-based derivatives on selected platforms in the country.
Under its Project Ubin, the Monetary Authority of Singapore is working on ways to bring seamless multi-currency payments on a blockchain network.