Three companies, Crypto.com, Genesis and Sparrow Tech, will be approved in principle in Singapore to offer digital payment token services in Singapore, despite maintaining a strict licensing regime for cryptocurrencies.
“We must continue to build trust through regulatory measures while encouraging innovation and realizing gains,” Deputy Prime Minister Heng Swee Keat told a conference in Zurich on Wednesday.
The new approval brings the number of crypto companies that have received regulatory approval to 14, a fraction of the nearly 200 companies that applied.