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.

Jun 4, 2021 at 11:39 a.m. UTC
Updated Sep 14, 2021 at 1:06 p.m. UTC

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."
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Terra’s LUNA Gains, Then Slides, After Do Kwon's Fork Proposal

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.

Traders sold the tokens even as founder Do Kwon proposed a separate chain to make up for last week’s implosion of UST.

2
Breaking Barriers to the Web 3 Creator Economy

The latest innovations in blockchain technology are enabling creators to earn more from their work and achieve an unprecedented level of autonomy.

The latest innovations in blockchain technology are enabling creators to earn more from their work and achieve an unprecedented level of autonomy.

3
How Not to Run a Cryptocurrency Exchange

At Japan's Liquid exchange, recently acquired by FTX, warnings were ignored, breaches unreported and employees berated and cursed at, insiders say.

At Japan's Liquid exchange, recently acquired by FTX, warnings were ignored, breaches unreported and employees berated and cursed at, insiders say.

4
Morgan Stanley Warns NFTs Next to Watch After UST Collapse, Bukele Announces Mega Banks Meeting in El Salvador

The most valuable crypto stories for Monday, May 16, 2022.

The most valuable crypto stories for Monday, May 16, 2022.