Singapore-based cryptocurrency exchange MetaComp has received a Major Payment Institution license for institutional services from Singapore.
While there has been a noticeable increase in crypto industry adoption, recent FTX events have been a shocking factor. With the bankruptcy of FTX, regulation and oversight of the crypto industry has come to the fore. Institutional companies and investors in particular argue that regulations should come quickly. In this context, cryptocurrency exchanges entered the adaptation process in order to continue their existence in the future. Binance, the world’s largest cryptocurrency exchange, has begun to expand on a global scale. Singapore, one of the countries close to the sector, decided to increase the dose of the regulators. In this context, the stock market company MetaComp received an MPI license from the country.
Singapore-based crypto exchange MetaComp has acquired a license to offer digital asset exchange and custody services to institutional investors. The Monetary Authority of Singapore (MAS) is behind this license granted by Singapore.
Singapore, which has come to the fore with its blockchain initiatives, has reacted with its distant approach to cryptocurrencies. Although the country does not attract the attention of companies that trade cryptocurrencies, it continues to work. Especially recently, Singapore has attracted attention by licensing many cryptocurrency exchanges. Despite all the processes, MAS is working hard to become a crypto center.