The Monetary Authority of Singapore (MAS) has awarded the Standard Payment Institution License to the Digital Trader BHEX.SG.
BHEX.SG, a platform for digital trading assets, has been granted a standard payment institutional license by the central bank of Singapore, popularly known as the Monetary Authority of Singapore (MAS).
An announcement published by BHEX.SG suggests that the MAS, the agency in charge of regulating the financial sector, was responsible for the acquisition of this license after subjecting it to stringent testing and inquiry.
Under the Payment Services Act, the Standard Payment Institution License is a type of license that can be granted to an organization in order for it to be authorized to provide payment services up to a certain limit (“PS Act”).
With the exception of e-money account issuance and money-changing services, the first standardized threshold is a monthly transaction for any payment service with a value of $3 million. This threshold does not apply to other payment services. Following that is a monthly transaction for a combined value of $6 million for two or more payment services; however, there is an exemption for services relating to the issuance of electronic money and the exchange of currency.
The last requirement that must be met to qualify for a conventional payment institution license is the daily outstanding e-money total of $5 million. The Monetary Authority of Singapore is responsible for ensuring that all financial service providers, whether traditional or on the blockchain, have the appropriate licenses to safeguard Singaporeans’ interests and funds.
As a result of obtaining this license, BHEX.SG is now able to offer its services as a digital payment token (DPT) service provider to users located in Singapore and elsewhere in the Asian nation.
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Regulated Ecosystem is Helped by BHEX.SG’s Support
BHEX.SG is a digital assets trading organization that is operated by Bhop Consulting Pte Ltd, and it has a dedication to providing its users with cryptocurrency services that are of a world-class standard.
In the end, the company’s primary focus is on using cutting-edge technology in a manner that is both compliant and reliable in order to build a brighter future. BHEX.SG was founded by Tyler Wu, who also serves as the company’s current CEO. The company is dedicated to exceeding its client’s expectations by providing services that are not only of the highest possible quality but also of the utmost convenience.
Notably, the digital assets giant is one among those individuals who favor trading in an atmosphere that is subject to regulation. Over the course of its existence, BHEX.SG has cultivated relationships with a number of licensed service providers operating in international markets. Tyler reinforced the company’s position with regard to regulation, and he noted that compliance is vital for the cryptocurrency market in order to ensure the safety of traders.
Revolut is one of the most recent companies to secure either a license or an approval-in-principle from the MAS, making it one of a number of businesses that have done so. The British financial technology company has begun providing the citizens of Singapore with cryptocurrency trading services following its launch in Singapore. In a manner not dissimilar to that described above, the financial regulator has provided Crypto.com, a cryptocurrency exchange based in Singapore, with its approval in principle.
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