Singapore Grants Digital Token Payment Licenses to FOMO Pay

The city-state granted an “in principle” license to Independent Reserve in August.

Sep 1, 2021 at 6:09 a.m. UTC
Updated Sep 1, 2021 at 2:24 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

The Monetary Authority of Singapore (MAS) issued a digital payment token license to local fintech company FOMO Pay, according to a Wednesday press release.

  • FOMO Pay can now provide payments services using digital currencies, including CBDCs and crypto tokens, the statement said.
  • While this is the first full issuance of such a license, in August the MAS granted an “in principle” approval to Australian crypto exchange Independent Reserve for a DPT license. “Several” other digital payments providers will soon receive their licenses, the South China Morning Post reported.
  • MAS also issued a domestic money transfer and a merchant acquisition license to FOMO Pay.
  • Following the 2019 Payment Services Act, Singapore is seen as a beacon of favorable crypto regulation, while countries like China and the U.S. are clamping down on the industry.
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.

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Trending

1
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.

2
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.

3
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.

4
First Mover Asia: Metaverse ETFs Are Underperforming Gaming ETFs; Cryptos Return to the Red

Public interest continues to grow about the metaverse, but not as much in metaverse ETFs. Does crypto belong in everything?

Public interest continues to grow about the metaverse, but not as much in metaverse ETFs. Does crypto belong in everything?