Anchorage Digital gets approval for payment license in Singapore

Anchorage Digital Singapore has reached a milestone in its global expansion by securing in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

This approval, granted under the Payment Services Act 2019, allows Anchorage Digital to provide a wide range of regulated financial services in Singapore, including account issuance, domestic and cross-border money transfers, e-money issuance, and digital payment token (DPT) services.

Moses Lee, Anchorage's head of Asia, highlighted the importance of this approval, stating, "Securing in-principle approval for this MAS license represents a crucial step in our journey to provide institutions safe and secure access to crypto. It reinforces our commitment to Asia and our ability to serve clients around the globe with a full suite of services."

The move is part of Anchorage Digital's broader strategy to strengthen its presence in Asia and provide secure, regulated access to digital assets for institutional clients worldwide.

Founded in San Francisco in 2017, Anchorage Digital expanded its footprint into Asia in 2022 by establishing a branch in Singapore.

Anchorage Digital is backed by investors such as Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its valuation surpassing $3 billion following its Series D funding round.

The MPI license is expected to enhance Anchorage’s market position in Asia, allowing it to attract more institutional clients seeking regulated and secure digital asset services.

The approval also comes at a time when Singapore is becoming a hub for digital financial services, with other companies, like OKX, also receiving similar licenses.