We are happy to announce that we have been listed as a Payment Institution License, at the Monetary Authority of Singapore (MAS), allowing us to expand our operations in Asia.
With a Payment Institution License COTI can:
- Operate an exchange
- Handle Fiat to Crypto and Crypto to Fiat transactions
- Issue Accounts
- Facilitate Cross-border money transfer
- Acquire merchants
- And more
We have always believed that meeting strict regulatory requirements will pave the way for institutional adoption of cryptocurrencies and thus have been working hard on obtaining various licenses in different jurisdictions to support our operation and clients.
COTI already has an exchange license in Europe and expanding our licenses stack to Asia means the growth of our reach and global offering. This means growth in our overall processing volume, including (but not limited to) Ultra eWallet, Blockchain Dollars, MyFirstWallet, Paywize and more.
Alongside COTI, few notable companies have also listed. To name a few: Coinbase, Binance Asia, Revolut, Alipay, Agoda (booking.com) and more.
We’ll continue to grow our licenses stack and will keep you informed on further developments.
Here are more details about a Payment Institution License process and the Payment Service Act, under which the license is issued:
The Payment Services Act, under which the Payment Institution License is issued is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech.
In order to apply, one must meet the following criterias:
- The applicant must be a Singapore-incorporated company or a foreign corporation registered in Singapore.
- The applicant must have a permanent place of business or registered office.
- The applicant must have a minimum base capital of S$100,000.
- The applicant’s board of directors should have either:
-At least 1 executive director who is a Singapore Citizen or Singapore Permanent Resident
-At least 1 non-executive director who is a Singapore Citizen or Singapore Permanent Resident and at least 1 executive director who is a Singapore Employment Pass Holder.
When assessing an application, MAS takes into consideration factors such as:
- Fitness and propriety of the controllers and directors.
- Governance structure.
- Qualifications and experience, particularly in operating a payment services business and compliance with regulatory requirements.
- Financial condition and track record.
- Business plan and model, including operational readiness.
- Ability to comply with obligations under the PS Act, including compliance, technology risk management and audit arrangements.
- Regulatory status in other jurisdictions, where applicable.
- For applicants with a holding company, commitment to operations in Singapore.
- Whether the public interest will be served by granting a license.
For all of our updates and to join the conversation, be sure to check out our channels:
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf