The DPT license in Singapore is a digital payment token service license issued by the Monetary Authority of Singapore (MAS). It is regulated under the Payment Service Act (PSA) and covers the regulation of digital payment token services, including the provision of DPT buying, selling, or trading services. This license allows companies to engage in the legal trading and servicing of digital payment tokens in Singapore and requires compliance with anti-money laundering and counter-terrorism financing regulations under the Payment Service Act.
Advantages:
Legal and compliant operation: Obtaining a payment license issued by the Monetary Authority of Singapore allows companies to legally provide payment services in Singapore. This means that the company complies with the regulatory requirements and standards of Singapore's financial regulatory authorities, ensuring that its business operates in compliance and providing customers with reliable and secure payment solutions.
Currency exchange and digital payment token services: Obtaining a DPT service license allows for the legal provision of buying, selling, or trading services for digital payment tokens. This provides customers with convenient and fast digital payment channels, promoting the popularity and use of digital payment tokens in Singapore.
Status as a major payment institution: Becoming one of the first holders of the "major payment institution" license issued by the Monetary Authority of Singapore establishes a higher position and reputation in the payment services field. This will bring more business opportunities and customer trust to the company, helping to drive its growth and development in the market.
Close connection with the Monetary Authority of Singapore: Maintaining a close connection with the Monetary Authority of Singapore allows the company to better understand industry developments and regulatory requirements, and make timely adjustments and improvements to provide better services.
Cross-border transactions and inclusive finance: Obtaining a major payment institution license means having the ability to expand cross-border transactions and promote inclusive finance. By expanding cross-border payments and services, the company can provide customers with broader markets and opportunities, while promoting the development of mobile payments within the region and beyond.
Our responsible process:
Eligibility: Companies first need to confirm whether they meet the eligibility requirements for obtaining a DPT license, including meeting the conditions and standards set by the Monetary Authority of Singapore.
Application submission: Companies need to submit an application to the Monetary Authority of Singapore, providing detailed company information, business models, compliance measures, and other information.
Review and approval: The Monetary Authority of Singapore will review the application to ensure compliance with all regulations and requirements. Once approved, the DPT license will be issued to the company.
Compliance with regulatory requirements: After obtaining the license, the company needs to strictly comply with all regulatory requirements and measures set by the Monetary Authority of Singapore, including anti-money laundering and counter-terrorism financing measures.
The Payment Service Act in Singapore provides a comprehensive regulatory framework for payment service providers and sets strict regulations for digital payment token service providers to ensure the stability of the financial market and investor protection. Companies with a DPT license are required to comply with these regulations, refrain from promoting cryptocurrency transactions to the public, and refrain from advertising on company websites, applications, and official social media accounts. Additionally, over time, Singapore may further adjust and improve its regulatory policies for digital payment token services to reduce transaction risks and protect investors.