The Monetary Authority of Singapore (MAS) has conceded an in-principle approval to Digital Treasures Center (DTC) along with Coinhako, Hodlnaut, and Paxos. The company will now be able to provide fiat-to-crypto pairing. It was possible as Digital Treasures Center has been offered a license under the Payment Services Act.
This process will enable businessmen to convert Bitcoin, Ethereum, and Tether into SGD and USD. Once DTC fulfills the criteria required for approval, it will be able to offer its customers issuance of accounts, merchant acquisition, domestic and cross-border money transfers, e-money issuance, and digital payment token services as well.
The Chief Strategy Officer of DTC, Desmond Yong says, “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.”
The Chief Operating Officer and Co-founder of DTC, El Lee has also said that the digital assets industry is a “multi-trillion-dollar market.” It is currently going through an exponential adoption rate with the growth of DeFi, NFT, and Metaverse. He said, “We seek to empower merchants to do business globally by opening a secure payment gateway to seamlessly accept crypto, cash, and card.”