The central bank of Singapore also known as the Monetary Authority of Singapore (MAS) has issued a standard payment institutional license to BHEX.SG, a digital assets trading platform.
According to an announcement made by BHEX.SG, the acquisition of this license was through rigorous examination and investigations all conducted by the financial regulator, MAS.
The Standard Payment Institution License is a type of license issued to an organization to provide payment services within a particular threshold under the Payment Services Act (“PS Act”).
The first standardized threshold is a monthly transaction for any payment service valued at $3 million, but with exception given to e-money account issuance and money-changing services. Next is a monthly transaction for two or more payment services valued at $6 million, also an exception is made for e-money account issuance and money-changing services.
The last threshold which the standard payment institution license cover is the $5 million of daily outstanding e-money. The monetary watchdog ensures that all financial service providers whether traditional or in the blockchain are licensed to protect the interest and funds of Singaporeans
With this license, BHEX.SG can now act as a digital payment token (DPT) service provider to citizens of Singapore and other users in the Asian country.
BHEX.SG Supports Regulated Ecosystem
BHEX.SG is a digital assets trading firm operated by Bhop Consulting Pte Ltd, it has a commitment to providing world-class crypto services to its users.
Ultimately, the firm is focused on utilizing advanced technology to create a better future that is compliant and at the same time reliable. Established by Tyler Wu who sits as the current CEO, BHEX.SG provides its customers with high-quality and innovative services, which are equally convenient at a low cost.
Notably, the digital assets giant is one of those that prefer trading in a regulated environment. Over time, BHEX.SG has partnered with several licensed service providers in the global market. Tyler reaffirmed the company’s stance as it concerns regulation, he mentioned that compliance is necessary for the crypto space to guarantee traders’ safety.
Amongst the several companies that have bagged either a license or an in-principle approval from MAS, Revolut is one of the most recent. The British financial technology company launched in Singapore to offer its people crypto trading services. In a similar manner, Singapore-based cryptocurrency exchange, Crypto.com has also received in-principle approval from the financial watchdog.
Image source: ShutterstockOriginal Source