The central bank of Singapore also known as the Monetary Authority of Singapore (MAS) has issued a standard payment institutional license to BHEX.SG, a digital assets trading platform.
According to an announcement made by BHEX.SG, the acquisition of this license was through rigorous examination and investigations all conducted by the financial regulator, MAS.
The Standard Payment Institution License is a type of license issued to an organization to provide payment services within a particular threshold under the Payment Services Act ("PS Act").
The first standardized threshold is a monthly transaction for any payment service valued at $3 million, but with exception given to e-money account issuance and money-changing services. Next is a monthly transaction for two or more payment services valued at $6 million, also an exception is made for e-money account issuance and money-changing services.
The last threshold which the standard payment institution license cover is the $5 million...
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