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Singapore central bank says prepared to grant several licences for digital token services

08/03/2021 | 09:42am EDT
FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore

SINGAPORE (Reuters) - The Monetary Authority of Singapore said on Tuesday it has recently notified several digital payment token service providers that it was prepared to grant them licences, adding that it continued to review outstanding applications.

However, applicants who have received such notifications do not yet hold payment services licences, the central bank said. A licence will be subsequently granted to an applicant, provided it puts in place necessary measures to meet MAS' requirements in order to operate as a licensee.

The MAS received 170 licence applications, of which 30 have been withdrawn and two have been rejected.

The MAS comments came after cryptocurrency exchange Independent Reserve said on Monday it had received an "in-principle approval" from the MAS to operate as a regulated provider of digital payment token services.

(Reporting by Aradhana Aravindan in Singapore; Editing by Tomasz Janowski)


© Reuters 2021
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