The Monetary Authority of Singapore (MAS) has granted in-principle approval to the Singaporean subsidiary of crypto-native financial services firm JST Digital for a Major Payment Institution (MPI) license.
The firm can offer digital payment token services in Singapore due to the license, which was announced on Monday. “JST Singapore will persist in its efforts to obtain a license under Singapore’s rigorous regulatory framework upon satisfying the admission requirements to achieve this regulatory milestone,” the release stated.
The approval results from a consistent increase in trading activity that JST Digital experienced throughout the 2023 calendar year. By mail, JST Digital informed Crypto News that its client roster had nearly tripled.
Scott Freeman, Non-Executive Director of JST Singapore, stated, “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.”
Additionally, JST broadened its capabilities and offerings in the DeFi sector to complement the expansion in activity. Furthermore, the organization expanded its workforce by over 20%.
According to Todd Morakis, CEO of JST Singapore and Co-founder of JST Digital, “We are honored to have received in-principle approval from the MAS, which enables us to operate within one of the most prominent regulatory frameworks for digital assets in the region.”
“I have been employed in the financial sector of Singapore for over thirty years, and I think the Monetary Authority of Singapore (MAS) has successfully established a comprehensive regulatory framework encompassing both traditional finance and digital assets.
To contribute to developing international standards for liquid stablecoins of superior quality, JST Digital has become a member of the Stablecoin Standard, an industry organization that represents stablecoin issuers. JST Digital’s team has extensive experience working with stablecoins on blockchains.
At the time, Scott Freeman stated, “We think stablecoins are one of the most promising use cases for digital assets. To expedite the global financial system’s adoption of this revolutionary technology, industry standards comparable to those observed in traditional finance are required.”
