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MAS grants in-principle approvals to, Genesis, Sparrowtech

SINGAPORE – The city’s regulator has handed out three new in-principle approvals to applicants in the digital payment token space.

The Monetary Authority of Singapore (MAS) has granted the approvals to, Genesis, and Sparrowtech.

This brings the total number of licenses and in-principle approvals granted over the past two years to 14 digital payment token service providers.

These providers include stablecoin players, crypto exchanges, as well as traditional financial institutions.

Deputy Prime Minister Heng Swee Keat announced the new additions in a video recording aired on Wednesday (June 22) at the inaugural Point Zero Forum held in Zurich, Switzerland.

“Singapore remains keen to work with blockchain and digital asset players,” he said, adding that the nation is committed to joining hands with innovative and responsible players to grow the Web 3.0 ecosystem and community.

He said the Government will facilitate live experiments through regulatory sandboxes, including testing the feasibility of decentralized finance or Defi, and asset tokenization.

As of end-May, MAS has received a total of 196 applications to provide digital payment token services.

Of these, 14 received in-principle approvals, 74 were withdrawn, and 108 are pending review. Another three had their applications rejected.

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