Global crypto exchange Okx has secured a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), allowing it to offer digital payment token services. Gracie Lin, the newly appointed CEO of Okx’s Singapore entity (Okx SG), highlighted the significance of this license and Singapore’s role in the company’s growth strategy. Okx SG aims…
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Deutsche Bank, a German multinational investment bank, joined Singapore’s Monetary Authority of Singapore’s (MAS) Project Guardian on asset tokenization Tuesday in a press release. Project Guardian was launched by MAS in 2022 in an effort to fuel collaboration between MAS and other key players in the financial market. The project focuses on asset tokenization in…
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Source: AdobeStock / Richie Chan On November 16, XREX, an Asia-based cryptocurrency exchange specializing in cross-border payments, achieved a significant milestone by receiving in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This license will empower XREX to provide digital payment token products and services in Singapore, solidifying…
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Source: Paxos Blockchain infrastructure firm Paxos has obtained a preliminary license from the Monetary Authority of Singapore (MAS) for its new entity. With the in-principal approval, Paxos Digital Singapore, the new entity, will offer digital payment token services to Singaporeans. Further, Paxos announced plans to launch a USD-backed stablecoin. In a Thursday statement, Paxos noted…
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The USD-backed token will comply with Singapore’s upcoming stablecoin laws and be issued through a new local Paxos entity that’s received initial approval. Crypto infrastructure firm Paxos has secured in-principle approval from Singapore’s regulator for a new entity that’s planning the launch of a U.S. dollar-backed stablecoin. In a Nov. 15 statement, Paxos said it…
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Source: Pixabay / Sasin Tipchai The Monetary Authority of Singapore (MAS) is commencing a series of asset tokenization pilots in collaboration with financial services heavyweights. The central bank announced Wednesday that the initiative is an extension of the ambitious Project Guardian – involving 17 financial institutions. The collaborative efforts seek to explore various use cases…
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The Singapore subsidiary of crypto payments giant Ripple has officially received its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). The MPI license will allow Ripple Markets APAC Pte Ltd, the local arm, to provide digital payment token services in the city-state…. Read More: Crypto Platform Ripple Joins Growing List of…
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Sygnum Singapore, a subsidiary of the Switzerland-based cryptocurrency bank Sygnum, has received approval for its Major Payment Institution License (MPIL) from the Monetary Authority of Singapore (MAS) to be able to provide crypto brokerage services to accredited investors and institutions in Singapore…. Read More: Sygnum Singapore Obtains Major Payment Institution License for Crypto Brokerage Services…
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Ripple says the “in principle” approval will help scale its “On-Demand Liquidity,” the service it uses to source XRP liquidity to customers. Blockchain-based payments firm Ripple has obtained in-principle regulatory approval from Singapore’s financial regulator to offer digital asset payments and token products in the city-state. Ripple confirmed the approval from the Monetary Authority of…
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According to Agustin Carstens, the head of the Bank for International Settlements (BIS), cryptocurrencies have lost the “battle” against fiat currencies issued by the world’s central banks. While speaking at the Monetary Authority of Singapore on Wednesday, Carstens stressed that stablecoins are not reliable because they lack the “institutional arrangements and social conventions behind them.”…
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