Singapore Grants In-Principle Licenses to, Two Others

The firms will be able to offer services to Singapore-based customers if granted full licenses.

AccessTimeIconJun 22, 2022 at 11:40 a.m. UTC
Updated May 11, 2023 at 6:20 p.m. UTC

The Monetary Authority of Singapore (MAS) granted in-principle digital token payment licenses to crypto exchange and two other companies, paving the way for the three firms to offer services in the country.

  • The two other companies are Genesis and Sparrow Tech, The Straits Times reported Wednesday, citing a speech by Deputy Prime Minister Heng Swee Keat at the Point Zero Forum in Zurich. (Genesis is a subsidiary of Digital Currency Group, which also owns CoinDesk.)
  • MAS "sets a high regulatory bar" and the approval "reflects the trusted and secure platform we have worked diligently to build,” CEO Kris Marszalek said in a statement confirming the license.
  • MAS declined to comment on the story. Genesis and Sparrow Tech did not respond to CoinDesk's inquiries at the time of publication.
  • Including these three, MAS has granted 14 in-principle licenses to companies looking to provide crypto services to Singapore-based customers. The first full license was granted to FOMO Pay in September 2021.
  • The regulator has received 196 applications in total, 74 of which have been withdrawn and three rejected, according to the newspaper.


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

Eliza Gkritsi was CoinDesk's AI/crypto reporter.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.