Singapore is reinforcing its status as a leading cryptocurrency hub through the Monetary Authority of Singapore’s (MAS) comprehensive regulatory approach. With over 200 licensed payment institutions (MPIs) and an increasing number of digital payment token (DPT) service applications, the city-state has become a focal point for crypto operators seeking to expand in Asia. MAS has issued licenses to major exchanges, including Okx, Upbit, Anchorage, and Bitgo, while emphasizing strict regulatory measures to safeguard the market and foster growth.

MAS managing director Chia Der Jiun outlined the rigorous licensing process under the Payment Services Act (PS Act) in an interview with the Business Times, published on Dec. 28, highlighting the factors considered during evaluations. He explained:

MAS considers various factors when assessing license applications, including fit and proper criteria for management, effective compliance arrangements, and strong risk management capabilities, including the management of money laundering and terrorist financing risks.

He further noted: “MAS adopts an activity-based licensing framework for payment services, including digital payment token (DPT) services, under the Payment Services Act 2019 (PS Act).” Since its launch in January 2020, the regulatory framework has significantly expanded. Chia detailed: “The objective of the regulatory framework is to apply appropriate risk-mitigating regulations for the specific payment service, while allowing latitude for growth and innovation. Since the commencement of the PS Act in January 2020, the number of licensed MPIs in Singapore has grown to over 200.”

Regulations have evolved to address the changing risk landscape in the crypto market, particularly after the market’s volatility in 2021 and the collapse of several firms during the crypto winter of 2022. Chia noted that MAS proactively adapted its rules to protect investors and strengthen the ecosystem.

“In April this year, the scope of regulated activities and regulatory requirements under the PS Act have expanded to address emerging risks in this rapidly evolving sector. MAS has received more than 250 applications for DPT services to date, of which, more than 30 were received after the expansion of the scope in April,” he noted, emphasizing the continued refinement of regulations. The MAS managing director further shared:

As the digital asset landscape and the risks evolve, we have continued to strengthen and refine our regulatory framework – to address risks as they arise, and to facilitate innovation as appropriate.

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