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Singapore issues 33 digital payment Token service licenses, marking an important step in encryption regulation.
Singapore's financial regulatory authority has issued "Digital Payment Token Services (DPT)" major payment institution licenses to 33 entities. These licenses cover four main areas: exchange and wallet services, custodial and compliance infrastructure, payment acquisition, as well as banking and brokerage services.
Licensed institutions include several well-known cryptocurrency and fintech companies. This initiative marks an important step for Singapore in cryptocurrency regulation, providing a clear legal framework for the development of the industry.
As the regulatory environment becomes increasingly clear, Singapore's cryptocurrency ecosystem is gradually taking shape. This compliance-oriented approach not only attracts numerous internationally renowned institutions but also provides a reliable hub for funds and institutions in the region.
Singapore's move reflects its efforts in balancing innovation and risk management. By establishing clear regulatory standards, Singapore aims to cultivate a cryptocurrency market environment that both promotes innovation and protects investor interests.
The issuance of this series of licenses is expected to further solidify Singapore's position as a hub for cryptocurrency and fintech in the Asia-Pacific region. As more institutions obtain licenses and begin operations, Singapore's cryptocurrency market is expected to achieve significant growth and development in the coming years.