Digital Assets Payments

Luno Secures MAS’ In-Principle Approval to Offer Crypto Services

Global cryptocurrency company Luno has been granted in-principle approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide Digital Payment Token (DPT) services in Singapore.

MAS has granted in-principle approvals to Coinhako, Hodlnaut, Paxos, Digital Treasures Center and Revolut so far.

Meanwhile, four full licenses were given to Australian cryptocurrency exchange Independent Reserve, DBS Vickers which is the brokerage arm of DBS Bank, QR code payment solution provider FOMO Pay, and crypto payments company TripleA.

Luno is regulated by the Securities Commission of Malaysia and is registered with the authorities in Indonesia.

Since being founded in 2013, Luno said that it has garnered over 10 million customers across 40 countries, with over 1 million added within the last six months.

The company witnessed its global customer base grow by 35% year-on-year and aims to bring cryptocurrency to over 1 billion customers by 2030.

Sherry Goh

“We are thrilled to receive MAS’ in-principle approval to provide Digital Payment Token (DPT) services in Singapore as a Major Payment Institution.

With this IPA (in-principle approval), we hope to instill greater trust and confidence in the market, so that customers can continue to trust and use our platform safely and securely”,

said Sherry Goh, Global Expansion Manager and Country Manager for Singapore, Luno.