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Singapore Grants Digital Token Payment Licenses to FOMO Pay
The city-state granted an “in principle” license to Independent Reserve in August.
The Monetary Authority of Singapore (MAS) issued a digital payment token license to local fintech company FOMO Pay, according to a Wednesday press release.
- FOMO Pay can now provide payments services using digital currencies, including CBDCs and crypto tokens, the statement said.
- While this is the first full issuance of such a license, in August the MAS granted an “in principle” approval to Australian crypto exchange Independent Reserve for a DPT license. “Several” other digital payments providers will soon receive their licenses, the South China Morning Post reported.
- MAS also issued a domestic money transfer and a merchant acquisition license to FOMO Pay.
- Following the 2019 Payment Services Act, Singapore is seen as a beacon of favorable crypto regulation, while countries like China and the U.S. are clamping down on the industry.
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
