Tuesday, February 7, 2023
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Cryptocurrency Exchange Metacomp Gains MAS Licence

Singapore’s regulator has granted a full licence to cryptocurrency exchange MetaComp, allowing the business to court accredited and institutional investors.

In a statement on Thursday, the Singapore-based company said that the Monetary Authority of Singapore (MAS) has given it full permission as a large payment institution under the Payment Services Act. This will take effect in December.

The licence enables it to provide digital payment token services alongside other crypto companies such as DBS Vickers and Independent Reserve. MetaComp said that it started the application procedure in 2019 and filed the licence application with MAS in 2020. The cloud-based exchange was founded in 2018 and is powered by the Nasdaq trading engine.

The company says that it gives companies a place to start and grow their digital asset offerings. It does this by providing services like over-the-counter and exchange trading, fiat payment gateways, digital asset custody, prime brokerage, and asset management.

Under Singapore’s Securities and Futures Act, the parent firm of MetaComp, MetaVerse Green Exchange, is a digital green exchange that possesses both the recognised market operator licence and the capital market service license. These licences enable MetaVerse to trade in securities and collective investment schemes in addition to providing custody services.

Together, these organisations are able to provide carbon neutrality tokens backed by real-world assets such as intellectual property, supply chain funding, and carbon credits. He said that the firm intends to facilitate the transition of conventional financial services to a new breed of digital financial services.

Dr. Bai said that the failure of an uncontrolled platform such as the FTX exchange highlights the necessity for players who are supported by rigorous licensing regimes. He stated this in response to a question about whether or not it is a good time to be in the crypto sector. There are higher expectations for security, safety, and compliance, especially among accredited and institutional investors, he said.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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