JST Digital, a global financial services firm specializing in digital assets, announced that its Singapore subsidiary, JST Digital & Technology Pte. Ltd. (JST Singapore), has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This regulatory nod enables the firm to offer digital payment token services within one of the world’s most progressive regulatory frameworks for digital assets.
The MPI license, once fully secured, will enable JST Singapore to provide a wide range of services, including market making, bespoke financial solutions, and trade execution services.
As the firm navigates Singapore’s stringent regulatory framework, it stands to benefit from the growing demand for digital asset infrastructure, particularly as the region emerges as a hub for crypto and blockchain innovation.
“We’re proud to receive in-principle approval from the MAS, allowing us to operate in one of the leading regulatory environments for digital assets,” said Todd Morakis, CEO of JST Singapore and Co-founder of JST Digital.
Morakis, a veteran of Singapore’s financial industry, emphasized the importance of MAS’s comprehensive approach to regulation. “I’ve been working in the financial industry in Singapore for more than three decades and believe MAS has done an outstanding job of creating a framework that accommodates both digital assets and traditional finance,” he added.
The news comes at a time of heightened market activity in the digital asset space, with institutional interest continuing to grow despite market volatility. Singapore, in particular, has been positioning itself as a regional hub for fintech innovation, with MAS playing a key role in shaping the landscape. The regulator’s clear and robust framework has been pivotal in attracting global firms like JST Digital to set up operations in the city-state.
Scott Freeman, Non-Executive Director of JST Singapore and Co-founder of JST Digital, noted the timing of the approval as particularly fortuitous. “This in-principle approval from the MAS comes at an opportune time with market activity increasing and growing demand for our services over the past year,” Freeman said, underscoring the broader industry trend toward greater adoption of digital asset services.
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