MetaComp becomes the latest crypto exchange to receive Singapore license

Singapore-based crypto exchange MetaComp has been granted Singapore’s Major Payment Institution license, enabling it to offer digital asset exchange and custody services to institutional investors from Thursday, Dec. 1. 

See related article: MAS says needs to do better job explaining crypto policy 

Fast facts

• The exchange announced on Thursday that it was awarded the Monetary Authority of Singapore’s (MAS) license, allowing the exchange to provide cross-border transfers and digital payment token services to accredited clients in Singapore.
• MAS, the nation’s central bank, has discouraged retail traders from participating in cryptocurrency trading, but still hopes to become a “crypto hub” through tokenized assets and programmable money. 
• MetaComp is a subsidiary of MetaVerse Green Exchange (MVGX), a digital assets exchange offering tokenized carbon credits, which additionally holds the Recognized Market Operator and Capital Market Services licenses in Singapore.
• Singapore has been ramping up license grants in the latter half of this year, awarding in-principle approvals to a growing list of exchanges that includes Coinbase and Blockchain.com.

See related article: Chainlink, green asset exchange MVGX to explore crypto carbon trading