Singapore’s financial regulator MAS has approved Digital Treasures Center’s (DTC) proposal to provide cryptocurrency payment services to merchants around the country.
Digital Treasure Center Gets the Thumbs Up from MAS
On August 1, 2022, the Monetary Authority of Singapore (MAS) granted Digital Treasures Center (DTC) a Major Payment Institution (MPI) license to offer Digital Payment Token services in Singapore.
DTC has phenomenal crypto enthusiasts who specifically believe in the power of cryptocurrencies and their potential to revolutionize the payments craze. The firm also focuses on enabling cryptocurrency payments for merchants.
DTC has been in the race to get the license approval for some time. The company has been operating under an exemption from the Payment Services Act, and the MAS granted the firm an in-principle approval in March.
What the MAS License Means for DTC
The Major Payment Institution (MPI) license allows DTC to operate as a fully regulated provider under the Monetary Authority of Singapore (MAS). For this reason, DTC can provide account issuance services, merchant acquisition services, domestic and cross-border money transfer services, e-money issuance services, and Digital Payment Token Services.
The co-founder and CEO of DTC, Alice Liu, believes that the company looks forward to obtaining the full license from MAS and aims to continue building on the excellent work that its team is currently doing.
Liu also indicated possible regional expansion, claiming that the firm is looking to expand its footprint globally, beginning with ASEAN neighbors.
“We are grateful for the support and the trust that our clients and community have given us over the years. We are optimistic about the future of cryptocurrency as a use case for payment.
Over the past few months, we have been seeing an uptick of inquiries and onboarding from merchants and companies from healthcare to music, F&B, and automobiles on enabling crypto payments. As crypto payment gains momentum, we are hopeful to see more merchants from various industries coming onboard to accept crypto as an additional form of payment”.Liu stated
DTC Gets at the Forefront of Companies with an MAS License
Getting the MAS license to offer Digital Payment Token services in Singapore has been a daunting mission for many companies, and only a handful have been granted the full license.
Just recently, MAS acknowledged an in-principle approval to three new companies in June, including one of the world’s largest crypto exchange platforms, Crypto.com.
DTC being at the forefront and equipped with the Major Payment Institution License gives the firm an advantage over other companies in Singapore and the world. Furthermore, DTC has become the sixth company to be considered fully regulated with the Digital Payment Token services in Singapore so far. The other companies include FOMO Pay, Independent Reserve, DBS Vickers, TripleA, and Coinhako.