At least 5 firms received nods from the Singapore regulator in a span of two weeks last month. Read more at straitstimes.com.
Mr Adrian Chng, founder and chief executive of digital asset fund manager Fintonia Group, noted that MAS was earlier focused on building a new regulatory regime for the industry.
Mr Adrian Chng, founder and chief executive of digital asset fund manager Fintonia Group, noted that MAS was earlier focused on consultation papers and building a new regulatory regime for market players after the spate of crypto bankruptcies in 2022. The rules relating to customer asset safeguarding and ensuring stablecoin stability are seen as encouraging not only by crypto companies but also the broader financial ecosystem that is now more inclined to explore the blockchain sector, he added.Sygnum and Ripple meanwhile are among those that took a short time - only four months - to make the leap from IPA to full licence.
He said some players would have needed more time to make operational adjustments to meet MAS’ stringent requirements, such as no lending or staking, and no co-mingling of customer funds, which might have resulted in several licences only being approved at a later date.to provide services with direct banking as it applied for a full licence, while observers said GSR started its licence application process more than two years ago.
Globally, regulators from other jurisdictions - including Europe, the United Arab Emirates, Hong Kong and more recently, Australia - have moved to include crypto in their regulatory frameworks, said Mr Chng.
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