JST Digital, a global financial services firm specializing in digital assets, today announced that its Singapore subsidiary, JST Digital & Technology Pte. Ltd. (JST Singapore) has received an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to provide digital payment token service.
Todd Morakis, CEO of JST Singapore & Co-founder of JST Digital, commented on the news:
“We’re proud to receive in-principle approval from the MAS allowing us to operate in one of the leading regulatory frameworks for digital assets in the region. I’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 Singapore reportedly provides market making, as well as a range of bespoke solutions & trade execution services.”
After meeting the admission requirements in order to achieve this regulatory milestone, JST Singapore says that it will “continue to work towards securing its license under Singapore’s robust regulatory framework.”
As noted in the update, JST Digital is described as a crypto-native financial services firm that is focused on “specializing in market making, quantitative trading and digital asset management.”
The founders of JST Digital have all reportedly “spent over twenty years in traditional financial services.”
They claim to have entered the nascent crypto and blockchain markets as early as 2014, “when they began to make markets for one of the early blockchain projects.”
Leveraging that experience, JST Digital was launched in 2018 in order to “provide a full suite of traditional financial services to institutions in the digital asset market.”
