Singapore-based crypto exchange MetaComp has been granted Singapore’s Major Payment Institution license, enabling it to offer digital asset exchange and custody services to institutional investors from Thursday, Dec. 1.
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- The exchange announced on Thursday that it was awarded the Monetary Authority of Singapore’s (MAS) license, allowing the exchange to provide cross-border transfers and digital payment token services to accredited clients in Singapore.
- MAS, the nation’s central bank, has discouraged retail traders from participating in cryptocurrency trading, but still hopes to become a “crypto hub” through tokenized assets and programmable money.
- MetaComp is a subsidiary of MetaVerse Green Exchange (MVGX), a digital assets exchange offering tokenized carbon credits, which additionally holds the Recognized Market Operator and Capital Market Services licenses in Singapore.
- Singapore has been ramping up license grants in the latter half of this year, awarding in-principle approvals to a growing list of exchanges that includes Coinbase and Blockchain.com.
See related article: Chainlink, green asset exchange MVGX to explore crypto carbon trading