TerraPay Receives In-Principle Approval for MPI License from MAS
This in-principle approval fortifies TerraPay’s dedication to becoming the world’s most regulatory-compliant payments provider.
The pilot project aimed at adopting blockchain for interbank payments will also involve the country’s stock exchange and eight local and foreign banks.
This in-principle approval fortifies TerraPay’s dedication to becoming the world’s most regulatory-compliant payments provider.
Crypto startup GSR Markets has bagged the Major Payment License (MPI) In Singapore, a move that depicts growing regulation in the country.
In a move towards developing an industrial hub for the industry, Singapore has broadened its crypto regulation to cover the custody of digital currencies.
While the in-principle approval in Singapore adds to OKX’s recent string of regulatory achievements, MAS has set other conditions to be met before the final approval of an MPI license.
An in-principle approval is a preliminary nod that the MAS issues to firms applying for the major payment institution (MPI) license.
Both AXS and Triple-A emphasize the importance of a secure and user-friendly payment experience while adhering to regulatory compliance standards.
Aside from Hong Kong, another country that has contributed significantly to the growth of the Asian crypto economy is Singapore.
Crypto.com will provide customers in the country with a suite of e-money products that are localized for the UK.
JPMorgan’s managing director Tyrone Lobban noted that the new system has processed over $900 billion in assets since launch.
The retiring MAS director believes the future monetary system will revolve around CBDCs, tokenized bank liabilities, and stablecoins.