XREX Receives MAS Payment Institution Licence In-principle Approval
A Major Payment Institution (MPI) license in Singapore has been granted in principle to XREX, an Asian cryptocurrency exchange specializing in cross-border payments. The Monetary Authority of Singapore gave XREX first permission for a license that would eventually enable the company to provide digital payment token services and products in the city-state on November 17, […]
Ripple Ensures Customer Security Amid Acquisition Transition
As reported in a news article, Ripple, a prominent player in cryptocurrency payments, has intervened to mitigate the financial losses suffered by clients of Fortress Trust, a blockchain infrastructure-focused startup. According to Fortress Trust, the incident was caused by a security vulnerability involving a third-party vendor’s compromised cloud tools. Ripple, already a minority investor in Fortress, […]
MAS Regulatory Sandbox Lacks Qualified Crypto Payment Providers
The Monetary Authority of Singapore (MAS) has stated that no businesses have qualified to participate as crypto payment providers in its FinTech Regulatory Sandbox framework. The MAS clarified in response to a Financial Times letter criticizing the Singaporean government’s lack of public consultation and oversight on crypto adoption that the country does not have a […]
Singapore Unveils New Regulatory Framework for Stablecoins
Singapore’s Monetary Authority (MAS) has introduced regulations for stablecoins linked to the Singapore Dollar or other major fiat currencies. Any stablecoin valued over S$5 million will now fall under MAS regulation. This step aligns with Singapore’s aim to boost digital asset innovation and stability. The MAS believes well-regulated stablecoins can facilitate advanced practices like on-chain […]
Blockchain.com Scores Payment License From Singapore Central Bank
The Monetary Authority of Singapore (MAS), the central bank of Singapore, has awarded a payments license to the cryptocurrency exchange Blockchain.com. The platform can now offer what the regulator refers to as digital payment token services to accredited investors and institutions, according to Blockchain.com announcement on August 7 that it got its major payment institution […]