The Monetary Authority of Singapore (MAS) has granted in-principle approval to Digital Treasures Center (DTC), a payment company based on distributed ledger technology.
With a license under the Payment Services Act to offer Digital Payment Token services, DTC will be able to provide fiat-to-crypto pairing.
This allows merchants to accept cryptocurrencies—including Bitcoin, Ethereum and Tether—and convert them into fiat including SGD and USD.
Once DTC has fulfilled all the criteria listed under the approval, the company will be able to offer account issuance, merchant acquisition, domestic money transfer, cross-border money transfer, e-money issuance as well as digital payment token services.
Founded in 2019, DTC began as a Singapore payment company offering a payment solution that enables merchants to connect online and offline payment, as well as accept cryptocurrency payments.
MAS has also granted in principle approvals to crypto platforms Coinhako and Hodlnaut as well as blockchain infrastructure platform Paxos.
Desmond Yong
“We are delighted to receive MAS’ nod of approval. It is a testament to DTC’s strong compliance and regulatory culture.
This demonstrates that DTC can comply with regulations around digital payment tokens and other payment services while achieving a sustainable business model,”
said Desmond Yong, Chief Strategy Officer, DTC.
El Lee
“The crypto industry is a multi-trillion-dollar market experiencing exponential adoption rate with the growth of DeFi, NFT and Metaverse.
We seek to empower merchants to do business globally by opening a secure payment gateway to seamlessly accept crypto, cash and card.”
said El Lee, Chief Operating Officer and Co-founder of DTC.
The post Digital Treasures Center Gets In-Principle Approval for Digital Payment Token Services appeared first on Fintech Singapore.
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- Source: https://fintechnews.sg/59857/blockchain/digital-treasures-center-gets-in-principle-approval-for-digital-payment-token-services/
