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The Singapore division of crypto-focused financial services company JST Digital has obtained an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Announced on Monday, this license will allow the firm to offer digital payment token services within Singapore. “Having met the entry criteria to reach this regulatory achievement, JST Singapore will persist in its efforts to obtain its license under Singapore’s stringent regulatory framework,” the announcement stated.
This approval comes after a notable rise in trading activity that JST Digital witnessed throughout the 2023 calendar year. The company reported to Cryptonews via email that it nearly tripled its roster of onboarded clients during this timeframe.
“This in-principle approval from the MAS arrives at a timely moment with market activity on the rise and an increasing demand for our services over the past year,” remarked Scott Freeman, Non-Executive Director of JST Singapore.
Additionally, in line with the growth in activity, JST has broadened its offerings and capabilities particularly in the DeFi sector. The firm also expanded its workforce by over 20%.
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“We are pleased to receive in-principle approval from the MAS, enabling us to operate within one of the foremost regulatory frameworks for digital assets in the region,” stated Todd Morakis, CEO of JST Singapore & Co-founder of JST Digital.
“Having worked in the financial sector in Singapore for more than thirty years, I believe that MAS has effectively established a comprehensive regulatory framework for both digital assets and traditional finance.”
JST Digital has joined the Stablecoin Standard, an industry organization for stablecoin issuers, to assist in setting international standards for high-quality liquid stablecoins. The JST Digital team possesses extensive experience with various stablecoins across multiple blockchains.
“We consider stablecoins to be one of the most promising applications for digital assets, and industry standards comparable to those in traditional finance are essential to enhance the adoption of this transformative technology by the global financial system,” Scott Freeman commented at that time.
The post Digital Asset-Focused Platform JST Digital Gets In-Principle Approval from MAS appeared first on Cryptonews.
