Moomoo has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), making it the first digital brokerage in Singapore to obtain such a license for digital payment token services. This approval follows an in-principle approval received in December 2023 after Moomoo’s application in May 2021.
With this license, Moomoo will offer digital payment token services to both retail and institutional investors in the region, enhancing its platform which already supports trading of global stocks, funds, and more. The platform promises zero-fee deposits and withdrawals in SGD or USD and will offer a 0% commission for the first 5,000 clients until September 30, 2024.
Founded in 2018 as a subsidiary of Futu Holdings, Moomoo launched in Singapore in 2021. Recently, Futu also upgraded its license in Hong Kong to include virtual asset dealing services. However, as of now, crypto trading on Moomoo’s app is not yet active, and some website features appear to be malfunctioning.
This development aligns with a broader trend of increasing regulatory compliance among crypto firms in Singapore. Other recent license approvals include Hex Trust, StraitsX, XTransfer, OKX, and HashKey OTC, reflecting a growing regulatory landscape and the need for crypto businesses to adhere to legal frameworks in their operations.
Source: blockhead.co
