Obtains Another License in Singapore Amid Crypto Exodus to East

The exchange will be able to offer its Digital Payment Token (DPT) services in the country.

Giant lion roaring DEFI in Singapore.
Created by Kornelija Poderskytė from DailyCoin
  • The Monetary Authority of Singapore (MAS) granted a Major Payment Institution (MPI) license.
  • The license will allow to expand its services to clients in Singapore.
  • This isn’t the first license that has received from the MAS.

Centralized crypto exchanges worldwide have taken a beating in the past year or so. Multiple exchanges have gone bankrupt, while those still alive face increased regulatory scrutiny, especially in the U.S.

That has forced exchanges to look for a more friendly regulatory environment in the eastern part of the world. For example, has just obtained another regulatory license in Singapore. Receives Digital Token License in Singapore, one of the most popular centralized crypto exchanges in the world, continues expanding its presence in Singapore.

On Thursday, announced that it had received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license will allow the exchange to offer its Digital Payment Token (DPT) services in the country.

Kris Marszalek, CEO of, said that the MAS is recognized globally as a “regulator that ensures responsible innovation of the digital assets sector.”

“We are proud to receive the license from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”

This isn’t the first license has received from regulators in Singapore. In November 2022, the exchange received approval for e-money issuance, account issuance, cross border, and domestic money transfer services from the MAS.’s focus on Singapore and other non-western regions indicates North America’s current regulatory environment. Kraken, Coinbase, Binance, and other exchanges have been forced to stop certain services in the U.S. or served Wells Notices.

On top of that, Bybit and Binance exited Canada just in the last few days. delisted Tether’s USDT in Canada in January.

On the Flipside

  • Virtually all centralized exchanges have seen volumes decrease dramatically during the bear market. Some of them, like Hotbit, have been forced to shut down.

Why This Matters

Centralized exchanges focusing on eastern regions allow one to understand the current regulatory landscape better.

Read more about an OG ETH wallet suddenly waking up:

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Read more about the huge OP unlock:

Optimism to Unlock Millions of OP Tokens: What It Means for You

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Arturas Skur

Arturas Skur is a cryptocurrency news reporter at DailyCoin who covers Web 3.0 domains, DeFi, and Ethereum Layer-2s. With over five years of experience in journalism and public relations, Arturas brings his critical thinking and analytical abilities to deliver insightful news stories. In his free time, he enjoys hiking, playing with his dog, and reading.