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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.
Updated May 11, 2023, 6:35 p.m. Published Sep 1, 2021, 6:09 a.m.
Make us preferred on GoogleThe 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.
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Ripple's Brad Garlinghouse says CLARITY bill has '90% chance' of passing by April
The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight.
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- Ripple CEO Brad Garlinghouse said he now sees a 90 percent chance that the long-debated Clarity Act will pass by the end of April, citing renewed momentum in Washington.
- The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight, addressing long-standing regulatory uncertainty that Garlinghouse says has weighed on innovation.
- Ripple, which has spent nearly $3 billion on acquisitions since 2023 and is now pausing major deals to focus on integration, argues that both crypto firms and traditional financial institutions increasingly want clear rules as attitudes toward digital assets shift.
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