Anchorage Receives Major Payment Institution Licence in Singapore
Anchorage Digital Singapore has received approval as a licensed Major Payment Institution (MPI) from the Monetary Authority of Singapore (MAS).
In a statement, Anchorage said the license enables the digital asset platform to offer a complete, integrated solution including custody, staking, trading, and settlement, including fiat on and off ramps.
The approval comes on the back of the heels of Anchorage's in-principal approval (IPA) form MAS at the end of August 2024.
"With approval from MAS, Anchorage Digital Singapore is here to meet global demand from leading institutions," Nathan McCauley, CEO and co-founder of Anchorage Digital, said.
"Achieving this regulatory milestone marks the latest in our commitment to providing institutions with a safe and secure solution—no matter where they are located around the globe. As we continue to build the best global stack for institutions in crypto, we look forward to working with regulators and institutions in the region," McCauley added.
According to anchorage, 90% of transactions are processed in under 25 minutes with hardware security modules (HSMs) not connected to the internet. Users can efficiently complete transactions directly from assets stored within a secure custody service.
Founded in San Francisco in 2017, Anchorage expanded its presence in Asia by establishing its Singapore entity in 2022. Anchorage is backed by Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion.
"By securing a license from MAS, Anchorage Digital Singapore is reinforcing its commitment to providing institutions, both globally and in the region, with the same quality of secure, regulated crypto services we've offered to major financial institutions in the U.S," the firm said in its announcement.
Anchorage is also one of the crypto firms backing new regulation-focused stablecoin, the Global Dollar (USDG), which was recently introduced by Paxos.
Partners of the Global Dollar Network include Bullish, Galaxy Digital, Kraken, Nuvei, and Robinhood.