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100 digital payment token firms in Singapore fail to win licenses: Report
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More than 100 out of 170 “digital payment token services” in Singapore have reportedly failed to obtain licenses from the local financial regulator, the Monetary Authority of Singapore, or MAS.
103 companies related to the digital payment industry in Singapore found their regulatory exemptions removed amid apparently tough regulation, Japan’s financial publication The Nikkei reported Monday, citing data from the MAS.
Sanjay Jain, CEO at Dubai-based crypto exchange Bitxmi, said that their Singaporean branch has failed to secure a license from the MAS.
“We can’t operate in Singapore," Jain noted. "We have an office there, but it’s just more or less — there’s one person for our accounting and legal issues.”
Bitxmi exchange appears on the
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