Bhex, a Singapore-based crypto exchange, has secured a standard payment institution license from the Monetary Authority of Singapore (MAS). The approval will allow the company to offer digital payment token (DPT) services in the city-state.
Tyler Wu, CEO of Bhex / Photo credit: Bhex
Founded in 2018, Bhex is operated by its parent firm, Bhop Consulting. It provides crypto trading services with an emphasis on compliance and reliability. The company said that since its establishment, it has not experienced any system failure or incidents of fraud.
The firm added that it upgrades its system infrastructure continuously and implements security risk measures to weed out potential threats.
Citing current volatility in the retail investment market, the exchange plans to leverage its partnerships with global licensed service providers to target institutional investors, family offices, as well as accredited and high-net-worth investors.
The license is part of a slew of initiatives from the Singapore government to encourage blockchain adoption. However, crypto regulations have tightened in recent months.
Earlier this year, the MAS ordered crypto platforms to stop advertising their services in public. Last month, it was also reported that the central bank has plans to broaden the scope of its regulations to cover more areas such as consumer protection, market conduct, and reserve backing for stablecoins.
See also: National Gallery Singapore dabbles in blockchain and NFTs
Editing by Miguel Cordon and Arpit Nayak
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