Singapore issues 33 digital payment Token service licenses, reinforcing its position as an Asian encryption hub.

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The Monetary Authority of Singapore recently issued 33 major payment institution licenses for Digital Payment Token (DPT) services, covering several important areas, including exchange and Wallet services, custody and Compliance infrastructure, payment acquisition, as well as banking and brokerage businesses.

The recipients of these licenses include a range of well-known fintech and cryptocurrency companies, including some industry giants. This initiative demonstrates Singapore's proactive stance on cryptocurrency regulation, paving the way for the establishment of a compliant and competitive crypto ecosystem in the country.

As the regulatory environment becomes clearer, Singapore's cryptocurrency ecosystem is gradually taking shape. This favorable regulatory environment is attracting funds and institutions from the region to accelerate their influx, further consolidating Singapore's position as a cryptocurrency hub in Asia.

This development is not only beneficial for Singapore's local cryptocurrency industry but also has a positive impact on the cryptocurrency market across the Asia-Pacific region. It provides a regulatory model for other countries and regions to reference, while also offering an important foothold for international cryptocurrency companies to enter the Asian market.

With the addition of more licensed institutions, Singapore's cryptocurrency market is expected to achieve faster growth and development in the coming years. This will not only promote innovation and competition but also provide investors with more protection and confidence.

One diagram to understand Singapore's "licensed" crypto institutions

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TeaTimeTradervip
· 07-23 05:55
The official has approved it, what are we waiting for?
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LiquidatorFlashvip
· 07-22 21:16
New regulations are here again. Get ready to see how many projects will go belly up.
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MidsommarWalletvip
· 07-20 08:34
There are many acquaintances in Singapore and Malaysia, and going for transcoding there is not bad.
View OriginalReply0
ser_ngmivip
· 07-20 08:34
The new suckers are here to be played for suckers.
View OriginalReply0
AlwaysAnonvip
· 07-20 08:29
Good regulation means money won't be lacking.
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RugpullAlertOfficervip
· 07-20 08:28
Didn’t receive the call, it’s over wherever I go.
View OriginalReply0
GasFeeBarbecuevip
· 07-20 08:08
Fast forward to a full comeback
View OriginalReply0
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