Singapore provisionally approves Crypto.com, Genesis and Sparrow for payments

Quick Take

  • Singapore’s financial regulators gave in-principle approval to three additional cryptocurrency firms to offer payment services in the country.
  • This comes just weeks after the regulator revealed plans to explore use cases for DeFi on public blockchains.

The Monetary Authority of Singapore (MAS) gave in-principle approval to Crypto.com, Genesis and Sparrow to offer crypto payment services in the country. 

Deputy Prime Minister of Singapore, Heng Swee Keat, said on Wednesday that three additional digital payment token service license applicants had received in-principle approval — bringing the total to 14. 

“There are many other good use cases within the broader digital asset ecosystem. We should therefore take the same approach as earlier tech waves,” he said. Before going on to say “Singapore remains keen to work with blockchain and digital asset players.”

The Major Payment Institution License enables companies to offer a range of payment services, including offering customers in Singapore cryptocurrency services or digital payment token (DPT) services.

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