Granted Major Payment Institution License from MAS: Expanding Cryptocurrency Opportunities under Gary Gensler’s SEC

Cryptocurrency regulation in the United States is about to get a major boost – thanks to a new licensing agreement granted to, a Singapore-based cryptocurrency exchange. The Monetary Authority of Singapore (MAS) granted its major payment institution (MPI) license for digital payment token (DPT) services. This move has enabled the exchange to now offer its DPT services to customers in Singapore. Gary Gensler has indicated that the SEC might emulate MAS by enabling regulated operations for cryptocurrency exchanges.

Gary Gensler’s Hint at SEC Following MAS’s Approach

MAS’s move carries significance beyond Singapore, as it sets a potential example for the US government to follow. Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC) has hinted that the SEC may follow MAS in allowing cryptocurrency exchanges to operate with appropriate regulations.

The granting of the MPI license means has joined a list of high-profile names in the cryptocurrency sector that have managed to secure regulatory licenses from the likes of the Financial Conduct Authority in the UK, the Autorité des Marchés Financiers in France and the Australian Transaction Reports and Analysis Centre in Australia.

Unlocking Opportunities for Stakeholders in the Next Era of Finance obtained licenses from Italy’s Organismo Agenti e Mediatori, Greece’s Hellenic Capital Market Commission, and Cyprus’s Securities and Exchange Commission. expanded its presence in the US while also adding support for three new cryptocurrencies: MATIC, USDC, and DAI.

Crypto regulations are evolving, requiring an appropriate legal framework to support cutting-edge financial services in the future. Government oversight is crucial in facilitating the next era of cost-effective finance-related services, providing new opportunities for stakeholders.

Gary Gensler’s Influence as SEC Chairman on Crypto Regulation

Gary Gensler’s views on crypto carry weight, given his role at the SEC and the sector’s significance. Under Gensler’s leadership, the SEC may consider adopting MAS’s regulatory model if it recognizes its benefits.

The legal landscape in countries around the world is becoming clearer when it comes to cryptocurrencies and digital assets. The US is expected to regulate cryptocurrency exchanges and services, acknowledging the benefits of regulating space. A crypto-friendly legal framework globally would enable financial opportunities, ensuring secure services without fraud and financial crime worries. The crypto-friendly regulation model is setting a positive precedent, with at the forefront of unlocking cryptocurrency’s potential.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

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Rina Giannino
Journalist venturing into blockchain, Rina has been a follower of the technology since 2019 and finally taken the plunge with a career as a journalist in the industry.