Anchorage Digital Secures In-Principle Approval for Major Payment Institution License in Singapore

Anchorage Digital Singapore has achieved a significant milestone in its global expansion efforts by receiving in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license, the crypto custodian said in an announcement.

This approval, granted under the Payment Services Act 2019, allows Anchorage Digital Singapore to offer a range of financial services, including account issuance, domestic and cross-border money transfers, e-money issuance, and digital payment token (DPT) services.

“Securing in-principle approval for this MAS license represents a crucial step in our journey to provide institutions safe and secure access to crypto. It reinforces our commitment to Asia and our ability to serve clients around the globe with a full suite of services,” Moses Lee, Anchorage's head of Asia, said.

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Founded in San Francisco in 2017, Anchorage Digital expanded into Asia in 2022, with the opening of its Singapore branch. The company said that its efforts to secure a license from the MAS reinforces its "commitment to providing institutions, both globally and in the region, with the same quality of secure, regulated crypto services we've offered to major financial institutions in the US."

Anchorage is backed by Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion.