SINGAPORE - Cryptocurrency exchange MetaComp has been awarded a full licence by Singapore’s regulator that allows the company to woo accredited and institutional investors.
In a statement on Thursday, the Singapore-based company said the Monetary Authority of Singapore (MAS) has granted it a full major payment institution permit under the Payment Services Act, effective from December.
The licence allows it to join the ranks of other crypto players like DBS Vickers and Independent Reserve in offering digital payment token services here.
MetaComp said it started the application process in 2019 and the licence application was submitted to MAS in 2020.
Founded in 2018, the exchange is built on the cloud and powered by the Nasdaq trading engine.
The company said it provides a platform for businesses to develop and scale their digital asset offerings, with services such as over-the-counter and exchange trading, fiat payment gateway, digital asset custody, prime brokerage and asset management.
MetaComp’s parent company, MetaVerse Green Exchange, is a digital green exchange that holds the recognised market operator licence as well as the capital market service licence under Singapore’s Securities and Futures Act. These licences allow MetaVerse to deal in securities and collective investment schemes, as well as provide custodial services.
Together, both entities are able to offer exposure to tokens backed by real-world assets such as intellectual property, supply chain financing and carbon credits in the form of carbon neutrality tokens.
Said MetaComp’s executive chairman and co-founder Bai Bo: “At MetaComp, we believe in the potential of tokenisation and in its ability to solve some of the world’s most pressing issues today – from enhancing financial inclusion to strengthening the integrity of green finance initiatives.”
He said the company is looking to support traditional financial services in their transition into a new breed of digital financial services.
On whether this was a good time to be in the crypto business in the light of the collapse of the FTX exchange, Dr Bai said the fall of an unregulated platform such as FTX emphasises the need for players that are backed by robust licensing regimes. There are greater standards expected around security, safety and compliance, particularly among accredited and institutional investors, he said.
MetaComp and MetaVerse, both based in Singapore, have a combined full-time staff of 35.
