Singapore-based crypto exchange MetaComp has received the country’s Major Payment Institution license.
The license will enable the company to offer digital asset exchange and custody services to institutional investors.
The exchange made the announcement on Thursday, December 1, declaring that it has received the go-ahead from the nation’s central bank, the Monetary Authority of Singapore (MAS).
Receiving such approval from the MAS means the company is now allowed to provide cross-border transfers and digital payment token services to Singapore’s accredited clients.
Coinbase and Blockchain.com are among the list of companies to have received regulatory approval from the MAS.
Although MAS discourages retail traders from affiliating themselves with cryptocurrency trading, the organization still has hopes for Singapore to become a “crypto hub”, but rather through tokenized assets and programmable money instead.