Bitcoin
$64,697.92+1.84%
Ethereum
$3,092.81+0.80%
Binance Coin
$560.47+1.53%
Solana
$146.61+6.49%
XRP
$0.49906628-0.26%
Toncoin
$6.45+4.27%
Dogecoin
$0.15269584+1.96%
Cardano
$0.47450262+4.41%
Shiba Inu
$0.00002297+1.47%
Avalanche
$35.52+1.94%
Wrapped Bitcoin
$64,738.86+1.84%
Tron
$0.11004238+0.48%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
05
HR
00
MIN
12
SEC
Markets

Alibaba, Google Among More Than 300 Companies Seeking Singapore Crypto Licenses

Companies apply under the Payment Services Act, a comprehensive regulatory framework for companies handling activities relating to digital assets, including payments and trading.

By Jamie Crawley
AccessTimeIconJun 4, 2021 at 11:39 a.m. UTC
Updated Sep 14, 2021 at 1:06 p.m. UTC
Singapore
Singapore
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Monetary Authority of Singapore (MAS) has received over 300 requests for payments and crypto exchange licences, including applications from Alibaba and Google.

  • The MAS is working out how to speed up the application process, the authority's chief financial technology officer, Sopnendu Mohanty, said in an interview with Bloomberg.
  • Companies apply under the Payment Services Act, a comprehensive regulatory framework for companies handling activities relating to digital assets, including payments and trading.
  • Firms that have applied but are still awaiting approval may continue offering specific payment services while their application is processed.
  • Among them are Alibaba's various entities and Google's parent company, Alphabet.
  • "Giving licenses to somebody is a premium, it is not something to be taken lightly," Mohanty said. "We are ensuring that whoever gets an MAS license will be credible."

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.