Singapore's Monetary Authority (MAS) has received license applications from over 300 companies seeking to operate payment services or cryptocurrency exchanges in the city-state. According to Sopnendu Mohanty, MAS Chief FinTech Officer, prominent applicants include Alibaba, Binance, and Alphabet (Google's parent company).
License Application Status and MAS Stance
Mohanty emphasized that all applications remain under review with no fixed approval timeline. "Granting these licenses confers significant competitive advantages," he stated during a Bloomberg interview. "We must ensure only trustworthy operators meet MAS standards."
👉 Discover how Singapore regulates emerging fintech sectors
Key Developments in Singapore's Crypto Landscape
Private Sector Activity:
- Singapore Exchange (SGX) aims to become Asia's pricing hub for BTC and ETH
- DBS Bank launched Asia's first bank-backed cryptocurrency trust solution
Government Warnings:
- MAS consistently cautions citizens about crypto investment risks
- Mohanty describes Bitcoin as "a speculative asset with extreme volatility"
Institutionalization of Digital Asset Exchanges
Mohanty outlined Singapore's vision for digital finance infrastructure:
- Building Institutional Frameworks: Establishing regulated exchange platforms
- Developing Core Infrastructure: Projects like Partior (blockchain-based settlement platform by JPMorgan, Temasek, and DBS)
- Mainstream Adoption: Creating pathways for regulated digital asset flows
Frequently Asked Questions
What types of licenses are companies applying for?
Companies are seeking either:
- Payment institution licenses
- Digital Payment Token (crypto exchange) licenses
How long will the approval process take?
MAS has not established a timeline, as each application requires thorough due diligence.
Why is Singapore attracting crypto businesses?
Singapore offers:
- Clear regulatory frameworks
- Strategic Asian market access
- Strong financial infrastructure
What are MAS's main concerns about cryptocurrencies?
Primary concerns include:
- Consumer protection risks
- Market volatility
- Money laundering vulnerabilities
How does MAS plan to regulate stablecoins?
The authority is developing frameworks for:
- CBDCs (Central Bank Digital Currencies)
- Stablecoin issuance
- Cross-border payment systems
👉 Learn about Singapore's digital currency initiatives
The Future of Digital Finance in Singapore
As Mohanty noted: "When robust institutional infrastructure becomes the backbone, digital asset transactions will flow more efficiently toward mainstream adoption." This transition promises to reshape perceptions of payments and monetary value across Southeast Asia's financial hub.