Payment Service providers: Licence application

How many entities are licensed or applying for a licence to deal with cryptocurrencies?

"The Monetary Authority of Singapore (MAS) has given in-principle approval (IPA) to two more fintech firms to expand their cryptocurrency businesses here.

Once all conditions under the IPA have been met, both Digital Treasures Centre (DTC) and Hodlnaut will be able to provide cryptocurrency services in Singapore under the Payment Services Act."

Source: Singapore Law Watch, last revised on 16 March 2022

"DBS Vickers on Friday (Oct 1) secured a Singapore licence to offer digital payment token services, while Australian cryptocurrency exchange Independent Reserve became the first foreign entity to be granted one... Industry observers expect more such licences under the Payment Services Act (PS Act) to be rolled out in the coming months as the Monetary Authority of Singapore (MAS) has recently given its in-principle approval to several applicants.

The first licence was issued to Singapore fintech firm Fomo Pay last month...

... MAS has received 170 licence applications from digital payment token service providers, including from global crypto exchanges such as Coinbase and Kraken. Thirty applications were withdrawn after engagement with MAS and two have been rejected."

Source: Straits Times, last revised on 2 October 2021

According to MAS (Parliamentary Replies)
last revised on 26 Jul 2021

Since the commencement of the PS Act, MAS has received over 480 licence applications. Of these, around 170 applicants (or 35%) have applied to provide DPT services. To date, 30 DPT applications (or 18%) have been withdrawn after engagement with MAS and two have been rejected. Thus far, MAS has not issued any licence to DPT service providers, but several applications are in the final stages of review.