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Digital payment token provider dtcpay has announced a strategic shift to exclusively support stablecoins for all its payment services starting in January 2025. The company emphasises the inherent volatility of cryptocurrencies like Bitcoin and Ethereum as a driving force behind this decision.
Overview of Regulated Cryptocurrency Providers in Singapore As of now, Singapore has 30 major paymentinstitutions with digital payment token service licences. Each exchange varies in terms of fees, user interface, and features, so selecting the right one depends on your specific needs.
dtcpay , the licensed payment service provider, has announced that it will no longer be supporting Bitcoin (BTC) and Ethereum (ETH) in the new year as it transitions to only support stablecoins for its Digital Payment Token (DPT) payment services.
Recently, Alchemy Pay invested in LaPay UK Ltd, securing an Authorised PaymentInstitution license regulated by the FCA. The company also partnered with Victory Securities in Hong Kong to provide virtual asset trading and advisory services, particularly for the new Bitcoin and Ether spot ETFs.
Each license allows the holder to conduct multiple specific payment services. Data from MAS’ Financial Institutions Directory show that as of August 01, 2022, 231 Money-Changing, 13 Standard PaymentInstitutions, and 175 Major PaymentInstitution licenses had been issued. It claims 50 million customers.
Crypto custodian BitGo announced that its Singapore subsidiary has been granted in-principle approval by the Monetary Authority of Singapore (MAS) for a Major PaymentInstitution License for digital payment token services. In 2022, BitGo expanded its services to include institutional-grade DeFi, NFT, and Web 3.0.
Also, digital financial services company BCB Group said that BCB Payments Limited has secured an Authorized PaymentInstitution (API) license from the UK Financial Conduct Authority. Akon said the city will be a “real life Wakanda.”.
A snapshot of Singapore’s crypto landscape According to the latest report by Triple-A, a licensed cryptocurrency paymentinstitution, Singapore boasts one of the highest cryptocurrency ownership rates globally. This places the island nation significantly above the worldwide average of 6.8
G2 found that, in response, cybercriminals have shifted their illicit transactions to alternative payments systems, new entrants and cryptocurrency. Fraudsters’ relentless search for vulnerabilities in these systems has spawned a new threat G2 calls “payment laundering.”. In 2014, we saw it on 2 percent of the violating sites.
Leading global payment company, Paycorp , has partnered with Triple-A , the digital currency paymentinstitution, to allow users of the Paycorp-powered CryptoExpress app, to use their digital currencies to make cash withdrawals at over 3,000 ATMs in South Africa.
February 2016: Partnered with Sentenial’s pan-European PaymentInstitution, Nuapay. August 2015: Partnered with Snapcard for to power bitcoin acceptance. January 2016: Partnered with Fiserv. January 2016: Partnered with Alipay. October 2015: Partnered with Macquarie Business Banking. HQ: Broomfield, CO.
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