Digital Payment Token (DPT) Providers Get Greenlight From MAS
(13 August 2021 – Singapore) The Monetary Authority of Singapore (MAS) has notified several digital payment token (DPT) services providers that it is prepared to grant regulatory consent for them to operate in the city state.
“Applicants who have received such notifications from MAS do not yet hold payment services licences. 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,” said MAS.
Australian crypto exchange Independent Reserve and DBS Vickers, the brokerage arm of DBS, are said to have obtained MAS’s “in-principle approval” for the much-coveted payment services licence.
Under the Payment Services Act (PSA) which came into effect in January 2020, all providers of DPT services operating in Singapore, including crypto exchanges, must be registered and licensed. The Act gives the MAS supervisory authority over payment firms to ensure, among other things, that they are compliant with anti-money laundering (AML) and counter financing of terrorism (CFT) requirements.
“We have seen keen interest among asset managers and corporates for access to digital payment token services, and with DBSV receiving in-principle approval under the PS Act, we are well-placed to meet this growing demand. This could add to DDEx’s (DBS Digital Exchange) volumes in the coming months, and coupled with DDEx going operational round the-clock, help accelerate growth for DDEx,” said DBS Group Head of Capital Markets Eng-Kwok Seat Moey.
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