Subscribe for notification
Crypto

JST Digital Gets MAS Approval

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.”

King David

David is a writer and digital marketer with a History degree. Formerly a Shill Angel at Aex Global Exchange. Currently thriving as a Cloud and AI Engineer, David is also passionate about Blockchain and Web3 technologies. Through his writing, he seeks to educate and inspire, sharing insights on the intersection of AI, Web3, and Blockchain Technology.

Disqus Comments Loading...

Recent Posts

Crypto Companies Could See More US Listings if Trump Wins

According to a research report from HTX Ventures, the trend of crypto companies departing the United States could be halted,…

11 hours ago

Metaplanet Joins Global Equity Index

Metaplanet Inc., a Japanese investment firm, has been admitted to the CoinShares Blockchain Global Equity Index (BLOCK Index). Prominent publicly…

11 hours ago

Major South Korean Banks Join CBDC Pilot

The central bank's CBDC pilot, which is rapidly expanding, has attracted the participation of numerous prominent South Korean banks and…

11 hours ago

BTC Plummets, Mt.Gox Sends $2.2B in Bitcoin to 2 Wallet

After first going to a Mt.Gox cold wallet, most of that stash—nearly 30,400 bitcoin BTC—was sent to "1FG2C…Rveoy," and 2,000…

15 hours ago

Firms Unveil Global Dollar Stablecoin Network

Major banking firms launched the Global Dollar Network, a regulated platform designed to accelerate stablecoin adoption worldwide. Crypto and traditional…

15 hours ago

Sky Co-Founder Proposes No New Token Emissions

Rune Christensen, co-founder of Sky (formerly MakerDAO), proposes a strictly deflationary model to stop token emissions, in line with MakerDAO’s…

1 day ago