StraitsX Granted In-Principle Approval for Singapore Major Payment Institution License

StraitsX Granted In-Principle Approval for Singapore Major Payment Institution License

StraitsX, a leading digital asset platform headquartered in Singapore, has announced that it has received an in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license through its subsidiary StraitsX Payments. This approval marks a significant milestone for StraitsX and the digital asset industry in Singapore, as it demonstrates the company's commitment to compliance and its role in shaping the future of digital payments in the country. The MPI license will allow StraitsX Payments to offer a comprehensive suite of payment services, including domestic and cross-border payments, e-commerce payments, and digital asset-related payment services. This will enable StraitsX to further expand its presence in the Singapore market and provide businesses and consumers with a secure and convenient way to transact in digital assets and fiat currencies. Agnes Koh, CEO and Co-Founder of StraitsX, said, "We are honored to receive this in-principle approval from MAS, which is a testament to our commitment to compliance and innovation. This license will enable us to offer a wider range of payment services and support the growth of the digital asset ecosystem in Singapore." StraitsX has been at the forefront of the digital asset industry in Singapore. The company's flagship product, the StraitsX Exchange, is a licensed digital asset exchange that provides a secure and compliant platform for trading digital assets. StraitsX also offers a range of other services, including custody, brokerage, and asset management. The MAS's in-principle approval for StraitsX Payments' MPI license is a positive sign for the growth of the digital asset industry in Singapore. It demonstrates the MAS's commitment to fostering innovation and supporting the development of a robust and well-regulated digital asset ecosystem in the country.