- Straits Millennium secures pivotal in-principle approval from MAS.
- The license enables offering regulated digital payment token services.
- Enhances confidence among institutional financial sector and investors.
- Potentially amplifies demand for major cryptocurrencies like Bitcoin and Ethereum.
Straits Millennium, a subsidiary of Straits Financial Group, has received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution License, enabling digital asset trading services.
This approval positions Straits Millennium to enhance Singapore’s digital asset market, potentially increasing institutional capital flows and affirming regulatory excellence within the financial sector.
Straits Millennium, a member of Straits Financial Group, has secured a pivotal in-principle approval from the Monetary Authority of Singapore. This certification allows it to operate as a Major Payment Institution under Singapore’s Payment Services Act.
The license facilitates Straits Millennium in offering regulated digital payment token services. This initiative, led by Jeremy Ang, Group CEO of Straits Financial Group, signals a notable stride in their commitment to regulatory compliance.
“Securing the in-principle approval for our Major Payment Institution License is a testament to our unwavering commitment to regulatory excellence, innovation, and customer-centric solutions.” – Jeremy Ang, Group CEO, Straits Financial Group
This could enhance confidence within both the institutional financial sector and among investors. This approval sets the groundwork for increased institutional investment flows into Singapore’s burgeoning digital asset landscape. https://twitter.com/blockhead_co
This decision may also amplify the demand for major cryptocurrencies such as Bitcoin and Ethereum on the Straits Millennium platform, aligning with Singapore’s ambition to stand as a hub for digital asset regulation.
Previously granted Major Payment Institution licenses have positively affected market sentiment and asset legitimacy. Such licenses typically boost institutional participation and regulatory assurances in their jurisdictions.
The approval of Straits Millennium’s license aligns with historical trends where licenses have driven capital inflow into compliant platforms. These regulatory milestones emphasize Singapore’s leadership in digital asset regulation and innovation.
