Crypto license granted for FOMO Pay by Singapore Monetary Authority

FOMO pay became the one of the first Singapore’s state companies to receive a license to facilitate their services under crypto license.

Last month, the Monetary Authority of Singapore announced that they will issue licenses for the crypto companies so that they can bring a better regulatory framework to regualte the crypto market in Singapore. Now one of the most popular company of Singapore got license to expand their services.

Related: Singapore’s crypto license is ready

Today on 1 August, FOMO pay announced that they got a license to operate their services at a better level. The license they got from the MAS ( Monetary Authority of Singapore). 

Under this latest license, FOMO pay will be able to facilitate three types of the services in an enhanced way. 

Now Under this license, FOMO pay can allow Payment services with the use of digital tokens, DPT services. They are even allowed to issue their own token and also have rights to facilitate transactions with the use of CBDCs. 

FOMO pay has access to four rights out of seven from the Payment Services Act. Which will allow the firm to allow payments services in all possible ways with an under regulation framework. 

Earlier this, FOMO Pay already held a license to allow cross border payment for their users. Now probably there are huge chances that they can adopt Crypto assets to make their platform more efficient in terms of transaction.

FOMO pay is a developing payment company of Singapore and the license that they got from the MAS, allow them to go with the new era of the payment system with digital token use.

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