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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

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.

DISCLOSURE

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.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.

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