Singapore Grants Digital Token Payment Licenses to FOMO Pay

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

AccessTimeIconSep 1, 2021 at 6:09 a.m. UTC
Updated May 11, 2023 at 6:35 p.m. UTC
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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.


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Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

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