Singapore Grants Digital Token Payment Licenses to FOMO Pay

The Monetary Authority of Singapore (MAS) issued a digital payment token license to local fintech company FOMO Pay, according to a Wednesday press release.

• Fomo Pay can now provide payments services using digital currencies, including CBDCs and crypto tokens, the statement said.
• While this is the first full issuance of such a license, in August the MAS granted an “in principle” approval to Australian crypto exchange Independent Reserve for a DPT license. “Several” other digital payments providers will soon receive their licenses, the South China Morning Post reported.
• MAS also issued a domestic money transfer and a merchant acquisition license to FOMO Pay.
• Following the 2019 Payment Services Act, Singapore is seen as a beacon of favorable crypto regulation, while countries like China and the U.S. are clamping down on the industry.