Cabital To Apply For Regulatory Approval Under Payment Services Act To Provide Digital Payment Token Services In Singapore
Cabital, a leading digital assets institution, announced that it seeks to apply for formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.
Securing regulatory approval under the Payment Services Act will enable Cabital to directly support customers to trade in digital payment tokens legally in Singapore.
Raymond Hsu, Cabital’s Co-founder & Chief Executive Officer, said:
“When Cabital secures formal regulatory approval from MAS, we will be in a great position to support customers in tapping into the growth of cryptocurrencies as a new and exciting asset class across Singapore.
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“Cabital has been using Chainalysis’ KYT and Reactor products since our formation to empower us to meet applicable regulatory requirements on Anti-Money Laundering (AML) in each of our markets with ease and agility, including Singapore in the future. I look forward to leading Cabital with our outstanding compliance team into the future in a safe and secure fashion.”
Ulisse Dell’Orto, Chainalysis’ Managing Director of APAC, said:
“As adoption continues, regulators are searching for ways to protect consumers without stifling the industry’s innovation. Chainalysis’ data platform will provide Cabital, a leading digital asset institution, with the tools necessary to build user confidence while evolving with the ever-changing cryptocurrency landscape. We look forward to enabling Cabital to fulfil its regulatory obligations and further pursuing our joint mission of building trust in blockchains.”
Chainalysis’ Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor products are instrumental in Cabital’s journey to build a robust and sustainable Compliance programme. Chainalysis KYT detects patterns of high risk activity, ranging from OFAC sanctioned addresses and darknet markets, to scams and anomalous transactions. Chainalysis Reactor connects cryptocurrency transactions on a real-time basis to facilitate transparency in identifying counterparty transaction risk.
As regulators continue to scrutinize the growing cryptocurrency industry, companies that interact with digital assets must now comply with new legislation from their local government agencies. Know Your Customer (KYC) and AML requirements are now compulsory and must be strictly adhered to protect users from nefarious activities.
Last month, Cabital announced that it has added the European Union’s Single Euro Payments Area (SEPA) to its growing list of payment methods, enabling customers to seamlessly change between euros and cryptocurrencies to generate high-yield passive income.
The SEPA announcement came after Cabital’s recent successful $4 million seed round that was led by SIG, Dragonfly, and GSR, increasing our valuation to $40 million. That followed Cabital’s recent successful angel round where the company raised $3 million.
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