SG fintech firm gets regulatory nod for crypto services

Singapore-based fintech firm Digital Treasures Center (DTC) has said that the Monetary Authority of Singapore (MAS) has greenlit the company’s plans to provide cryptocurrency services in the city-state.

The Digital Treasures Center team / Photo credit: Digital Treasures Center

With a license to offer digital payment token services, DTC can provide fiat-to-crypto pairing, which enables merchants to accept cryptocurrencies – including Bitcoin, Ethereum, and Tether – and convert them into fiat currency such as Singapore dollars and US dollars.

Founded in 2019, DTC helps merchants collect online and offline payments as well as process crypto transactions. Its clients hail from industries such as finance and lifestyle.

DTC can also open accounts for merchants to accept e-money and non-card transactions as well as open accounts for consumers to pay with those methods. In addition, the company provides both local and cross-border money transfer services.

“The crypto industry is a multi-trillion-dollar market experiencing exponential adoption rate with the growth of decentralized finance, NFTs, and metaverse,” said El Lee, co-founder of DTC.

See also: Singapore’s ‘Crypto King’ has no clothes

The fresh license comes after the MAS banned crypto platforms from advertising their services in public.

Earlier this week, cryptocurrency platform Hodlnaut also received approval from Singapore’s central bank for a major payment institution license, which will help the company provide payment services beyond certain thresholds.

In September 2021, fintech firm Fomo Pay secured new licenses from the MAS to operate three new regulated activities: merchant acquisition service, domestic money transfer service, and digital payment token service.