Hex Trust Gains Initial Approval for Payment License in Singapore
Hex Trust receives preliminary approval for a payment institution license in Singapore, enabling it to offer regulated digital payment services. Hex Trust, a digital asset custodian, has announced that it has received in-principle approval from the Singapore financial regulator for a major payment institution (MPI) license. Hex Trust stated in its July 24 statement that […]
Singapore Invests $74.3M for Quantum Computing, AI in Finance
The Monetary Authority of Singapore (MAS) has allocated 100 million Singapore dollars ($74.36 million) to enhance its finance sector’s quantum computing and artificial intelligence capabilities. The MAS, Singapore’s central bank and financial regulatory authority, has administered its most recent injection of funds to assist local financial institutions in establishing quantum computing infrastructure and accelerating AI […]
Paxos, DBS Bank Partner for Singapore Stablecoin Launch
The Monetary Authority of Singapore (MAS) has granted complete regulatory approval to Paxos platform in partnership with Southeast Asia’s largest bank, DBS, for the stablecoin launch. Paxos, the gold-backed stablecoin Pax Gold (PAXG) issuer, has received approval to provide digital payment token services as a Major payment institution from its Singapore subsidiary. The regulatory sanction […]
Singapore Increases Risk Level for Crypto Exchanges
The Monetary Authority of Singapore (MAS) has revised the country’s Terrorism Financing regulations, increasing the risk level for crypto exchange platforms from medium-low to medium-high. The Singaporean regulator published an update to the country’s National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism (CFT) on July 1. The purpose of the […]
Singapore’s MLNRA Marks Digital Payment Tokens as High-risk
Singapore’s Money Laundering National Risk Assessment (MLNRA) has flagged digital payment token service providers as a high-risk category in the Anti-Money Laundering (AML) landscape. The comprehensive 126-page report identifies new risk sectors not included in the previous report, published in 2014. These consist of precious stone and metal vendors and DPT service providers. The sector […]