Singapore’s financial regulator has licensed 37 digital payment token service providers out of nearly 300 applications since its regulatory framework took effect in 2020.
Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong disclosed the figures in a parliamentary reply on risks and safeguards for virtual asset service providers.
Virtual asset service providers are regulated in Singapore as digital payment token service providers, or DPTSPs.
MAS requires DPTSPs to obtain a licence and have systems in place to manage relevant risks and comply with its regulations.
Gan said most applications have either been rejected or withdrawn after applicants determined they could not meet MAS’ requirements.
MAS also supervises licensed firms and has taken regulatory action against those that failed to meet its standards.
The regulator monitors emerging financial crime risks and updates its rules as needed, with the Financial Action Task Force recognising its effectiveness in regulating DPTSPs.
Featured image: Edited by Fintech News Singapore, based on image by MAS
