Singapore Financial Supervisory Authority: Received 170 applications for digital payment token (DPT) service provider licenses

Recently, the Independent Reserve, an Australian cryptocurrency exchange, announced that it has obtained “principle approval” from the Financial Supervisory Authority of Singapore (MAS) under the Payment Services Act (PSA), allowing it to become a regulated digital payment Token (DPT) service provider.

In response to this matter, the spokesperson of the Singapore Financial Supervisory Authority responded exclusively to a reporter from the “Blockchain Daily” that Independent Reserve’s “approval in principle” refers to notification, and it is not an official term.

A MAS spokesperson emphasized that applicants who have received such notification from MAS do not yet hold a payment service license. If the applicant takes the necessary measures to meet the MAS’ requirements for licensed operations, he will subsequently receive the license granted by the MAS to the applicant.

This also means that Independent Reserve has not yet obtained a digital payment token (DPT) license.

A MAS spokesperson further revealed that MAS has received 170 DPT applications from service providers. Recently, MAS has notified some applicants and is preparing to issue payment service licenses to them in accordance with the Payment Service Law.

The spokesperson said that MAS will continue to review outstanding DPT applications. MAS has conducted a rigorous review, and some DPT applicants did not meet the MAS standards in terms of money laundering and terrorist financing (“ML/TF”) and technical risk control. Among them, in the process of MAS contacting them, 30 DPT applications (or 18% of the applications) have been withdrawn, and 2 have been rejected. MAS will be very cautious about applications that lack ML/TF and technical risk control, and will reject applicants who do not meet the required standards.

“Blockchain Daily” reported on June 4 that Sopnendu Mohanty, Chief Financial Technology Officer of the Monetary Authority of Singapore (MAS), said in an interview that more than 300 companies have applied to MAS to operate payment or cryptocurrency exchange businesses in Singapore. Licenses include well-known companies such as Alibaba, Binance, and Google’s parent company.

In an interview with the “Blockchain Daily”, Wang Haifeng, a senior researcher at Ouke Yunchain Research Institute, said that as early as November 2018, Singapore expanded its regulatory system and implemented a mandatory licensing system. In the long run, it will be beneficial to relevant enterprises to carry out innovative services within compliance with the regulations. Especially in the context of stricter global supervision, Singapore has become a hot spot for blockchain innovation and development.


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