The Singapore DPT license is a digital payment token service license issued by the Monetary Authority of Singapore (MAS). It is regulated under the Payment Service Act (PSA) and covers the regulation of digital payment token services, including the provision of DPT trading and transaction services. This license allows businesses to legally engage in the trading and servicing of digital payment tokens in Singapore, and they are required to comply with anti-money laundering and counter-terrorism financing regulations under the Payment Service Act.
Advantages:
Legal and compliant operations: Obtaining the payment license issued by the MAS allows businesses to provide payment services legally in Singapore. This means that the company complies with the regulatory requirements and standards of the Singapore financial regulatory authorities, ensuring that their operations are compliant and providing customers with reliable and secure payment solutions.
Fiat currency exchange and digital payment token services: Obtaining the DPT service license allows businesses to legally provide buying, selling, or trading services for digital payment tokens. This provides customers with convenient and efficient digital payment channels, promoting the adoption and use of digital payment tokens in Singapore.
Status as a major payment institution: Being one of the first holders of the "major payment institution" license issued by the MAS gives the company a higher position and reputation in the payment services field. This will bring more business opportunities and customer trust, helping to drive the company's growth and development in the market.
Close connection with the Monetary Authority of Singapore: Maintaining a close connection with the MAS allows the company to better understand industry developments and regulatory requirements, enabling them to make timely adjustments and improvements to provide better services.
Cross-border transactions and inclusive finance: Obtaining the major payment institution license means having the capability to expand cross-border transactions and promote inclusive finance. By expanding cross-border payments and services, the company can provide customers with broader markets and opportunities while promoting the development of mobile payments in the region and beyond.
Our responsible processes:
Eligibility: Companies first need to confirm if they meet the eligibility requirements for obtaining the DPT license, including meeting the conditions and standards set by the MAS.
Application submission: Companies need to submit an application to the MAS, providing detailed company information, business models, compliance measures, and other relevant information.
Review and approval: The MAS will review the application to ensure that the company complies with all regulations and requirements. Once approved, the DPT license will be issued to the company.
Compliance with regulatory requirements: After obtaining the license, the company needs to strictly comply with all regulatory requirements and measures set by the MAS, including anti-money laundering and counter-terrorism financing measures.
The Payment Service Act in Singapore provides a comprehensive regulatory framework for payment service providers and sets strict regulations for digital payment token service providers to ensure market stability and investor protection. Companies with the DPT license are required to comply with these regulations, avoiding promoting cryptocurrency transactions to the public and conducting promotions on their company websites, applications, and official social media accounts. Additionally, over time, Singapore may further adjust and improve its regulatory policies for digital payment token services to reduce transaction risks and protect investors.