Crypto-native financial services firm JST Digital has announced that its Singapore arm has secured in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license will empower JST Digital to offer digital payment token services within the country.
This approval comes on the heels of a significant surge in trading activity and client onboarding for JST Digital in 2023. The company's expansion into DeFi services and increased headcount further solidified its position in the market.
Scott Freeman, Non-Executive Director of JST Singapore, expressed enthusiasm about the approval, stating, "This in-principle approval from the MAS comes at an opportune time with market activity increasing and growing demand for our services."
Todd Morakis, CEO of JST Singapore and Co-founder of JST Digital, emphasized the importance of Singapore's regulatory framework for digital assets, saying, "I've been working in the financial industry in Singapore for more than three decades and believe that MAS has done a great job for creating a comprehensive regulatory framework for digital assets and traditional finance alike."
JST Digital's commitment to industry standards is evident in its participation in the Stablecoin Standard, an industry body focused on establishing international standards for high-quality liquid stablecoins. The company's team brings extensive experience in working with various stablecoins across different blockchains.
With the MPI license in hand, JST Digital is poised to further strengthen its position in the Singapore market and contribute to the growth of the digital asset ecosystem.
September 2024, Cryptoniteuae