Crypto-native financial services firm JST Digital’s Singapore arm has received an in-principle approval for a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Announced Monday, the license will enable the firm to provide digital payment token services in Singapore. “After meeting the admission requirements to achieve this regulatory milestone, JST Singapore will continue to work towards securing its licence under Singapore’s robust regulatory framework,” the release noted.
The approval follows a steady increase in trading activity that JST Digital experienced during the 2023 calendar year. JST Digital nearly tripled its list of onboarded clients during that period, the company told Cryptonews via mail.
“This in-principle approval from the MAS comes at an opportune time with market activity increasing and growing demand for our services over the past year,” said Scott Freeman, Non-Executive Director of JST Singapore.
Further, complementing the growth in activity, JST expanded its offerings and capabilities specifically in the DeFi space. In addition to that the firm increased its headcount, by more than 20%.
“We’re proud to receive in-principle approval from the MAS allowing us to operate in one of the leading regulatory frameworks for digital assets in the region,” said Todd Morakis, CEO of JST Singapore & Co-founder of JST Digital.
“I’ve been working in the financial industry in Singapore for more than three decades and believe that MAS has done a great job for creating a comprehensive regulatory framework for digital assets and traditional finance alike.”
JST Digital, joined the Stablecoin Standard, industry body for stablecoin issuers, to help establish international standards for high-quality liquid stablecoins. The team at JST Digital has extensive experience working with a variety of stablecoins across various blockchains.
“We believe stablecoins are one of the most promising use cases for digital assets and industry standards that are on par with the ones seen in traditional finance are needed to accelerate the adoption of this revolutionary technology by the global financial system,” Scott Freeman said at the time.
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