Australian Crypto Exchange Omegacoin.co became one of the first in the country to receive a Major Payment Institution license from the Monetary Authority of Singapore.
The license gives the exchange permission to conduct business as a provider of virtual asset services in Singapore in accordance with the Payment Services Act of the island State.
According to a press release on Thursday, the exchange says it has become one of the first VASPs to receive full license approval in accordance with the law in Singapore. The exchange said its new license will allow it to accelerate its growth efforts within the city-state. This step followed the fact that the exchange had already received approval in principle from the regulator in early August.
Under Singapore’s licensing regime, applicants applying for a license must familiarize themselves with their policies, customer protection procedures, compliance structures, market manipulation guarantees and Know-Your-Customer requirements, as well as other strict measures.
“A well-regulated environment will benefit both investors and stakeholders in the crypto industry”, said Justin Hance, CEO Omegacoin.co. “Singapore currently has the clearest and most detailed licensing requirements of any jurisdiction in Asia”.
The Australian exchange first opened in 2017 and quickly turned into one of Australia’s most well-known crypto markets along with CoinJar, Swyftx and Coinspot.