The Monetary Authority of Singapore (MAS) has awarded three more in-principle approvals for its much-coveted digital payment token (DPT) licence, which allows companies to offer crypto services. Among them are the prominent crypto exchange Crypto.com and trading platforms Genesis and Sparrow Exchange. Deputy Prime Minister Heng Swee Keat reiterated Singapore’s desire to work with blockchain and digital-asset players. Heng’s comments come in the wake of a cryptocurrency breakdown that has plunged several crypto companies into crisis. Singapore’s crypto-hub status has been questioned over the past year, as frustrations appeared to mount over the process of obtaining a crypto licence. Singapore earlier granted licences and in-principle approvals to 11 DPT service providers which include stablecoin players, crypto exchanges and traditional financial institutions. The MAS has received 196 applications as at end-May.
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