Digital assets trading platform Sparrow announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to provide Digital Payment Token (DPT) services.
Sparrow was previously issued an In-Principle Approval (IPA) from MAS in June 2022 following their MPI license application.
MAS has adopted a rigorous regulatory approach and thus far, only a select few digital payment token firms have been licensed.
Kenneth Yeo, CEO of Sparrow said,
“We can now provide digital payment token services with credibility through elevated compliance standards. Trust is something that we don’t take for granted.
We are committed to providing exceptional service standards for institutions and high-net-worth individuals seeking to utilize our services. We are pleased to be one of the first few digital payment token service providers to be awarded with the MPI license.”
Mak Chung Yee, Chief Risk & Compliance Officer at Sparrow added,
“At Sparrow, it has always been about addressing the increasing demands and diverse needs from regulators and clients.
Now that we have obtained the MPI license, we aim to ensure fair treatment and assurance among clients, sustain market integrity, maintain compliance soundness, and ensure we continue to advocate cryptocurrency standards in Singapore.”
