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The Elven Research - Deep Dive into Singapore MPI License Report has been published and is available for use. This report provides critical and comprehensive information about the Singapore license for Virtual Asset Service Provider (VASP).
Singapore has strict and clear compliance regulations by the Monetary Authority of Singapore (MAS) in place for digital payment token service providers (DPTsp). The major payment institution (MPI) license is required by DPTsp. In April 2024, MAS expanded the MPI’s coverage of DPT to include custody and many DPT payment service providers and market makers. As of July 2024, there are a total of 24 MPI licensed entities with another 50 exempted entities.
In terms of record keeping and compliance documents, the top 3 regulatory disclosure requirements for the MPI license are daily reconciliation of customer assets required, monthly and semi-annual MAS submissions to MAS and annual audit. The report provide sample regulatory reporting documents.SafeguardingCustomer asset’s safeguarding is key and they are to be segregated in a trust account. There should be separate blockchain addresses for customer’s asset and at least two parties to authorize any transaction with at least 90% of customers asset in cold wallet.
Under Payment Services Act (PSA), entities can also apply for the standard payment institution (SPI) license. However, this research focused on the MPI license as it has a higher threshold and is more popular among DPTsp in Singapore.
