Straits Millennium, a subsidiary of Straits Financial Group, has received approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license, allowing digital asset trading services.
Obtaining MAS License
Straits Millennium, a member of the Straits Financial Group, has secured pivotal in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution license. This license enables the company to operate as a Major Payment Institution under Singapore's Payment Services Act.
Impact on Digital Asset Market
This license allows Straits Millennium to offer regulated digital payment token services. This initiative, led by Jeremy Ang, Group CEO of Straits Financial Group, confirms the company's commitment to regulatory compliance. It also enhances confidence within the institutional financial sector and among investors in the growing digital asset space.
Future of Digital Payments in Singapore
The approval of Straits Millennium's license sets the groundwork for increased institutional investment flows into Singapore's digital asset landscape. This decision may also amplify the demand for major cryptocurrencies such as Bitcoin and Ethereum, aligning with Singapore's ambition to establish itself as a hub for digital asset regulation.
The approval of Straits Millennium's license underscores Singapore's leadership in digital asset regulation and innovation, potentially resulting in positive market developments and increased institutional investment.
