100 Digital Payment Token Firms in Singapore Fail to Win Licenses: Report

The Singapore Monetary Authority wants to encourage crypto and blockchain use in the nation, but it’s also aware of the hazards.

More than 100 of Singapore’s 170 “digital payment token businesses” are said to have failed to secure licenses from the country’s financial regulator, the Monetary Authority of Singapore (MAS).

According to the Nikkei, a Japanese financial journal, 103 firms involved in the digital payment industry in Singapore had their regulatory exemptions withdrawn, citing data from the MAS.

Bitstamp Limited, Coinbase Singapore, Gemini Trust, and others are among the organizations that have been given an exemption from holding a license under the Payment Services Act.

According to reports, the MAS aims to encourage crypto and blockchain usage while simultaneously acknowledging the dangers. “Because of the speed and cross-border nature of cryptocurrency transactions, it might be utilized for money laundering, terrorism funding, or proliferation financing.”