Singapore Grants Digital Token Payment Licenses to FOMO Pay
The city-state granted an “in principle” license to Independent Reserve in August.
Updated May 11, 2023 at 6:35 p.m. UTC
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.
- 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.