Straits Millennium Pte Ltd, a subsidiary of Straits Financial Group, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This milestone allows the company to offer digital payment token (DPT) services under the Payment Services Act 2019, reinforcing its position in Singapore’s digital asset industry while expanding its capabilities in regulated cryptocurrency and digital payment solutions.
As part of Straits Financial Group, Straits Millennium is dedicated to bridging traditional finance with the rapidly evolving digital asset sector. With this recent approval for an MPI license, the firm aims to provide a secure and compliant platform for institutional investors and businesses engaging in cryptocurrency transactions. This regulatory endorsement enhances Straits Millennium’s standing as a key player in Singapore’s crypto ecosystem, ensuring adherence to strict financial regulations while facilitating seamless trade execution.
Jeremy Ang, CEO of Straits Financial Group, emphasized the significance of this approval in the company’s pursuit of regulatory excellence and innovation within digital finance. He highlighted Singapore’s leadership in crypto regulation and reiterated Straits Millennium’s commitment to delivering secure and scalable financial services tailored to the needs of the evolving digital economy.
Amily Ho, Digital Assets Lead at Straits Millennium, underscored the increasing demand for regulated cryptocurrency services and the firm’s role in fostering a transparent and scalable ecosystem for institutional investors.
In parallel, HashKey Group revealed on January 13, 2025, that its MENA subsidiary secured conditional approval for a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This license permits HashKey MENA FZE to provide Virtual Asset Exchange and Broker-Dealer Services to retail, qualified, and institutional investors both within and outside Dubai. Additionally, the approval expands HashKey OTC’s regulated operations in the region. VARA, as Dubai’s virtual asset regulator, enforces stringent compliance standards to uphold market integrity and safeguard investors.
With regulatory advancements taking place across major financial hubs, firms like Straits Millennium and HashKey Group are playing a crucial role in shaping the future of the global digital asset ecosystem. As Singapore and Dubai strengthen their regulatory frameworks, the demand for compliant and secure crypto services continues to grow, positioning these companies at the forefront of the digital finance revolution.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist