Crypto firm approved by Singapore’s central bank

Quick Take

  •, the crypto service company, gained a lisence from Singapore’s financial regulator.
  • This is the second crypto lisence handed out by the central bank in Singapore this week, following Coinbase’s approval on Monday.

The crypto exchange and service platform gained Singapore’s approval on Wednesday to offer payment services.

The license is an “in-principle” approval under the Provision of Digital Payment Token Services to the Public, allowing the firms to provide Singaporeans regulated financial services. Coinbase received the same license earlier this week. 

The approval makes the 18th crypto firm licensed to operate in Singapore, out of 180 companies that applied through the Monetary Authority Singapore central bank since 2020, according to a Reuters report.

Fifty percent of the exchange’s business comes from institutions, and 84 million wallet holders account for the other half of retail business, according to the report.

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