JST Digital, a financial services firm focused on digital assets, announced that its Singapore subsidiary has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence.
This licence will allow the company to offer digital payment token services under Singapore’s regulatory framework.
JST Singapore provides market-making, trade execution, and bespoke financial solutions.
Following this approval, the firm said that it will work towards meeting further regulatory requirements to secure its full licence.
Todd Morakis, CEO of JST Singapore & Co-founder of JST Digital, said,
“We’re proud to receive in-principle approval from the MAS allowing us to operate in one of the leading regulatory frameworks for digital assets in the region.
I’ve been working in the financial industry in Singapore for more than three decades and believe that MAS has done a great job for creating a comprehensive regulatory framework for digital assets and traditional finance alike.”
Scott Freeman, Non-Executive Director of JST Singapore & Co-founder at JST Digital, added,
“This in-principle approval from the MAS comes at an opportune time with market activity increasing and growing demand for our services over the past year.”
Featured image credit: Edited from Freepik
