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Singapore issues 33 digital payment Token service licenses to accelerate becoming a regional encryption hub
The Singapore financial regulatory authority has issued "Digital Payment Token Services" (DPT) major payment institution licenses to 33 entities. These licenses cover four main areas: exchange and wallet services, custody and compliance infrastructure, payment acquisition, as well as banking and brokerage services.
Licensed institutions include several well-known cryptocurrency and fintech companies. This regulatory measure not only provides a clear legal framework for Singapore's cryptocurrency ecosystem but also creates a favorable environment for the industry's development.
Driven by this compliance environment, Singapore's cryptocurrency ecosystem is rapidly taking shape. The country is gradually becoming a regional cryptocurrency center, attracting increasing amounts of capital and institutional participants. This trend is expected to accelerate further, enhancing Singapore's position in the global cryptocurrency market.
The Singapore government's initiative reflects its efforts to balance innovation and regulation. By establishing a clear regulatory framework, Singapore aims to promote the healthy development of the cryptocurrency industry while also protecting investors' interests. This balanced approach may serve as a reference for other countries considering how to regulate this emerging industry.
With the increase in the number of licensed institutions, Singapore's cryptocurrency ecosystem is expected to further develop and grow. This will not only attract more international players into the market but may also promote local innovation and technological development. In the future, Singapore is expected to play a more important role in the global development of cryptocurrency and blockchain technology.