MAS Issues JST Digital In-Principal Major Payment Institution License

JST Digital, a financial services firm specializing in the digital asset market, has announced that its Singapore subsidiary has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, according to a statement on Sunday.

This license will enable JST Singapore to provide digital payment token services, marking a significant advancement in the firm's regulatory journey.

"We're proud to receive in-principle approval from the MAS allowing us to operate in one of the leading regulatory frameworks for digital assets in the region. I've been working in the financial industry in Singapore for more than three decades and believe that MAS has done a great job in creating a comprehensive regulatory framework for digital assets and traditional finance alike," Todd Morakis, CEO of JST Singapore and co-founder of JST Digital, said about the approval.

JST Singapore specializes in market making, bespoke solutions, and trade execution services. The firm added that it will continue its efforts toward securing the full MPI license under Singapore's regulatory framework.

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The firm said that the provisional approval from the MAS comes at an "opportune time with market activity increasing and growing demand for [its] services over the past year."

Founded in 2018, JST Digital offers a range of financial services tailored to the digital asset market. The firm was established by industry veterans with over 20 years of experience in traditional finance, leveraging their expertise to provide comprehensive services for digital assets.