Singapore Grants Crypto License to FOMO Pay
FOMO Pay is a fintech company based in Singapore that has been operating basically in the crypto space for some time now. It has got a roaring band of loyal users who use the platform for fiat to Bitcoin exchange and vice versa. The company has recently received a license from the Monetary Authority of Singapore; this license heeds the payment processing firm to be able to provide digital payment token services to the citizens of Singapore. This was issued to one of the 170 applicants for the city-state, which is gradually turning into a ravishing crypto hub on a global level.
This is mandatory for an exchange or a payment processing system to be awarded a proper license from the regulatory office of a country to be able to operate freely within the premises. Singapore has awarded the service to be able to consult with three different regulated activities within the country such as Digital payment token, Domestic money transfer service, and the Merchant acquisition service, all of these are correspondents of the cryptocurrencies in general.
Singapore is Becoming a Global Crypto Hub by Providing Licenses to Crypto Firms and Exchanges
Singapore’s future central bank digital currency is also live and in the hands of the commoners for the sake of trading; this new license allows FOMO Pay to consult both in the CBDC along with other cryptocurrencies such as Bitcoin, Ethereum, and more.
According to the payment service act, FOMO Pay will be able to conduct its business with four out of seven regulated activities in the light of this act. FOMO Pay will be able to serve even the larger corporations in consultation regarding the crypto space, and the service will also allow the small and medium enterprises to be consulted by the firm.
The company started its operations in 2015 and was providing diligent service to both offline and online merchants for the sake of connecting vigilantly with the digital payment methods along with e-wallets and other such services. As for the other exchanges operating in Singapore, such as Coinbase, Gemini, and Binance, these have an exemption under the transitional arrangements.