The Monetary Authority of Singapore (MAS) has issued 33 Major Payment Institution (MPI) licenses to a diverse range of companies, underscoring Singapore’s position as a leading hub for digital payments and fintech innovation.

This licensing framework, introduced to regulate and supervise payment services in the city-state, ensures that licensed firms comply with stringent requirements related to anti-money laundering, counter-terrorism financing, and technology risk management.

Among the notable recipients are global cryptocurrency and fintech leaders such as Coinbase, Circle, Anchorage, OKX, and HashKey, highlighting the country’s growing appeal to digital asset firms.

Traditional financial institutions like DBS Vickers, as well as emerging payment platforms like FOMO Pay and Upbit, have also secured licenses, reflecting a broad spectrum of players within the payment ecosystem.

MPI license lets firms offer payment and digital token services

The MPI license allows these companies to provide a variety of payment services, including account issuance, domestic and cross-border money transfers, merchant acquisition, and digital payment token services.

By granting these licenses, MAS fosters a secure, transparent, and innovative payments landscape that promotes consumer protection while encouraging competition and growth in Singapore’s digital economy.

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MAS issues 33 MPI licenses following crackdown on unlicensed crypto exchanges

This move by the Monetary Authority of Singapore (MAS) to issue 33 Major Payment Institution (MPI) licenses comes in the wake of its earlier strong stance against unlicensed cryptocurrency exchanges operating in the country.

MAS had clearly warned that any digital payment token service providers without the necessary licenses would face strict enforcement actions, including shutdowns and penalties.

This crackdown aimed to protect consumers from risks such as fraud, money laundering, and market manipulation, ensuring that only compliant and secure platforms operate in Singapore’s growing crypto ecosystem.

By granting MPI licenses to prominent players like Coinbase, Circle, and Anchorage, MAS reinforces its commitment to creating a regulated and transparent environment for digital payments and crypto services.

The licensing move encourages exchanges and payment providers to meet regulatory standards while promoting innovation and investor confidence.

It also signals MAS’s ongoing efforts to balance fostering fintech growth with safeguarding financial stability and consumer protection in Singapore.

Singapore rises as a global crypto hub through MAS’ proactive regulations

Singapore is rapidly becoming a global crypto hub thanks to its proactive regulatory approach led by the Monetary Authority of Singapore (MAS).

The Payment Services Act (PSA) provides clear guidelines for digital asset services, fostering a secure environment for innovation.

MAS has issued Major Payment Institution licenses to over 200 firms, including top exchanges like Coinbase, Circle, OKX, Anchorage, DBS Vickers, and Upbit. This regulatory clarity attracts both established financial institutions and emerging fintechs.

Collaborations such as OKX partnering with DBS to enable instant SGD deposits and withdrawals highlight Singapore’s integration of traditional finance with digital assets.

The country’s active role in global blockchain projects and support for Web3 further reinforce its ambition to lead in the digital economy.

With a balanced focus on regulation and innovation, Singapore offers a stable and forward-thinking environment for crypto firms.

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