Digital Trader BHEX.SG receives standard payment institution license from MAS
The Central Bank of Singapore also known as the Monetary Authority of Singapore (MAS) have issued a standard payment institution license to BHEX.SG, a digital asset trading platform.
According to an announcement from BHEX.SG acquisition of this license was through rigorous examination and investigations, all conducted by the Financial Supervisory Authority, MAS.
Standard payment institution license is a type of license issued to an organization to provide payment services within a certain threshold under the Payment Services Act (“PS Act”).
The first standardized threshold is a monthly transaction for any payment service with a value of 3 million dollars, but with exceptions granted for the issuance of e-money accounts and money exchange services. Next is a monthly transaction for two or more payment services worth $6 million, also an exception is made for issuing e-money accounts and money exchange services.
The final threshold that the standard payment institution license covers is $5 million of daily outstanding e-money. The monetary watchdog ensures that all financial service providers, whether traditional or on the blockchain, are licensed to protect the interests and funds of Singaporeans
With this license, BHEX.SG can now act as a digital payment token (DPT) service provider to citizens of Singapore and other users in the Asian country.
BHEX.SG supports regulated ecosystem
BHEX.SG is a digital asset trading firm operated by Bhop Consulting Pte Ltd, it has a commitment to provide world class crypto services to its users.
Ultimately, the company is focused on using advanced technology to create a better future that is compatible and at the same time reliable. Established by Tyler Wu who sits as the current CEO, BHEX.SG provides its customers with high quality and innovative services, which are equally convenient at a low price.
In particular, the digital asset giant is one of those who prefer trading in a regulated environment. Over time, BHEX.SG has partnered with several licensed service providers on the global market. Confirming the company’s stance on regulation, Tyler mentioned that compliance is necessary for the crypto space to guarantee traders’ safety.
Among the several companies that either have a license or an approval in principle from MAS, Revolut is one of the newest. The British financial technology company launched in Singapore to offer its people crypto trading services. Similarly, Singapore-based cryptocurrency exchange Crypto.com has received approval in principle from the Financial Supervisory Authority.
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