The Monetary Authority of Singapore has issued 33 Major Payment Institution licenses for "Digital Payment Token Services (DPT)", covering four major tracks: exchanges/wallets, custody and compliance infrastructure, payment acquiring, and banks/brokers.

Coinbase, Circle, Anchorage, DBS Vickers, FOMO Pay, etc. are all on the list. With the compliance dividend, Singapore's crypto ecosystem is taking shape, and regional funds and institutions are gathering at an accelerated pace.