JST Digital receives in-principle approval from MAS

JST Digital’s new license will enable it to provide digital payment token services in Singapore. After meeting the admission requirements to achieve this regulatory milestone, JST Singapore will continue to work towards securing its license under Singapore’s robust regulatory framework, according to the press release.

Securing in-principle approval amidst surge in trading activity

The approval follows a steady increase in trading activity that JST Digital experienced during the 2023 calendar year. JST Digital nearly tripled its list of onboarded clients during that period. Further, complementing the growth in activity, JST expanded its offerings and capabilities specifically in the DeFi space. In addition to that, the firm increased its headcount, by more than 20%.

Executives from JST Digital said they’re happy to receive in-principle approval from the MAS allowing them to operate in one of the most prominent regulatory frameworks for digital assets in the region. They’ve been working in the financial industry in Singapore for more than three decades and believe that MAS has done a great job for creating a comprehensive regulatory framework for digital assets and traditional finance alike.

JST Digital, joined the Stablecoin Standard, an industry body for stablecoin issuers, to help establish international standards for high-quality liquid stablecoins. The team at JST Digital has extensive experience working with a variety of stablecoins across various blockchains. They believe stablecoins are one of the most promising use cases for digital assets and industry standards that are on par with the ones seen in traditional finance are needed to accelerate the adoption of this revolutionary technology by the global financial system.