The Monetary Authority of Singapore has awarded in-principle approvals to Crypto.com, digital currency broker Genesis, and Sparrow to enable the firms to offer services.
Singaporean Deputy Prime Minister Heng Swee Keat said at the Point Zero Forum in Zurich that MAS has set a high regulatory bar, and the approvals show the trust and security of the platform.
Keat said that despite the price of cryptocurrencies having been volatile, the sector remains highly valuable.
MAS has so far granted MAS 14 in-principle licenses to companies searching for crypto services for Singapore-based customers. The first complete license was granted to FOMO Pay in September 2021.
The regulator has received 196 applications, with 74 having been withdrawn and three rejected.
The latest step reportedly signals Singapore’s intention to promote blockchain technology to drive the adoption of the asset class, while protecting retail investors from risks.