Google and Alibaba Apply for License to Establish a Crypto Exchange in Singapore

According to the statement made by the Monetary Authority of Singapore, it was stated that 300 different companies, including Ali Baba and Google’s parent company Alfabet, have applied for a crypto currency exchange license.

The Monetary Authority of Singapore (MAS) announced that it has received license requests for payment processing and cryptocurrency exchanges from more than 300 companies, including Alibaba and Google .

Sopnendu Mohanty, the institution’s chief financial technology officer, said in an interview with Bloomberg that MAS has stepped up its efforts to speed up the application processes.

Companies are filing applications under the Payment Services Act, a comprehensive regulatory framework for companies engaged in activities related to digital assets, including payments and commerce.

Companies that have applied but are still awaiting approval may continue to offer certain payment services during this period while their application is being processed.

Among the companies that applied are Alibaba and Google’s parent company Alphabet.

In his statement, Mohanty also stated that the license granted is not something to be taken lightly, and that they make great efforts to ensure that everyone who receives MAS license is reliable.

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