Digital finance innovation continues to accelerate in Asia, and Singapore remains at the forefront of this transformation. In a landmark development, moomoo Financial Singapore Pte. Ltd. ("moomoo Singapore") has become the first digital brokerage in the country to receive preliminary approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license specifically covering Digital Payment Token (DPT) services.
This milestone positions moomoo Singapore to expand its service offerings and strengthen its role in the evolving digital asset ecosystem. With this preliminary approval, moomoo is now authorized to provide DPT services—including buying, selling, and facilitating transactions of digital payment tokens—to both retail and institutional investors in Singapore, pending final full licensing.
A Strategic Step Toward Full Licensing
The MPI license for DPT services is a rigorous regulatory benchmark established by MAS to ensure security, transparency, and compliance within the digital asset space. To date, only 15 companies have successfully obtained the full MPI license for DPT services, with an additional two operating under Standard Payment Institution licenses. This exclusivity underscores the high barriers to entry and the trust associated with licensed platforms.
👉 Discover how regulated platforms are shaping the future of digital investing.
Gavin Chia, CEO of moomoo Singapore, emphasized the significance of this achievement:
“We are proud to be the first digital brokerage in Singapore to receive preliminary MPI approval. This is a major milestone that paves the way for us to introduce secure and compliant digital payment token services. We will continue working closely with MAS to meet all requirements and secure full licensure as quickly as possible.”
The preliminary green light reflects moomoo’s commitment to aligning with Singapore’s robust regulatory framework while responding to growing client demand for accessible and trustworthy crypto investment options.
Rising Demand for Digital Assets in Singapore
Singapore has systematically built its reputation as a trusted hub for digital assets, thanks to MAS’s balanced approach—encouraging innovation while enforcing strict anti-money laundering (AML), cybersecurity, and investor protection standards.
Market data reinforces this momentum. According to Statista, digital currency and blockchain-related investments in Singapore reached $1.2 billion (SGD 1.6 billion)** in 2022—a dramatic increase from just **$109.75 million in 2020. This surge highlights both institutional confidence and expanding retail participation.
A recent survey conducted by Sygnum Bank, a Switzerland-based digital asset bank, further reveals strong institutional interest. The study polled over 150 institutional investors and found that:
- 75% plan to increase their digital asset allocations in 2024
- The primary motivation is the pursuit of higher long-term returns
- 85% consider regulation critical to building trust in the crypto market
- Investors are increasingly demanding transparency, strong governance, and counterparty risk management
These findings underscore a clear trend: digital assets are no longer speculative side bets but are being integrated into mainstream investment strategies—especially in well-regulated markets like Singapore.
Why Regulation Matters in Digital Finance
As the crypto industry matures, regulatory clarity has become a cornerstone of sustainable growth. Unregulated platforms pose significant risks, including fraud, lack of custody safeguards, and limited recourse in disputes. In contrast, MAS-licensed entities like moomoo must adhere to stringent capital requirements, conduct regular audits, and implement rigorous KYC (Know Your Customer) and AML procedures.
This level of oversight not only protects users but also attracts traditional financial players who require compliance assurance before entering the digital asset space.
Moreover, consumer sentiment supports this shift. Approximately 61% of Singaporeans view the country as crypto-friendly, reflecting public confidence in the government’s ability to manage innovation responsibly.
👉 Learn how trusted regulation is transforming digital investment platforms.
Responding to Client Needs with Responsible Innovation
Over the years, moomoo has observed a steady rise in user inquiries about trading digital payment tokens directly on its platform. In response, the company has invested heavily in compliance infrastructure, technology upgrades, and stakeholder engagement to meet MAS expectations.
“We’ve heard our users loud and clear,” said Mr. Chia. “There’s genuine interest in accessing digital assets through a secure, regulated channel. We’ve worked diligently to fulfill MAS’s requirements, and we sincerely appreciate our clients’ patience. We’re excited to soon expand our product suite to meet their evolving needs.”
This customer-driven approach aligns with broader trends across the fintech sector. According to a joint report by PwC Singapore and the Singapore FinTech Association, the payments segment is one of the most mature areas within Singapore’s fintech landscape—making DPT services a natural extension for innovative financial platforms.
What This Means for Investors
For retail and institutional investors alike, moomoo’s progress toward full DPT licensing means:
- Access to regulated crypto trading services within a trusted brokerage environment
- Enhanced security and fund protection through MAS oversight
- Seamless integration between traditional securities and digital assets on one platform
- Greater confidence in transparency, reporting, and dispute resolution mechanisms
As more digital brokerages pursue similar approvals, competition is likely to drive improvements in user experience, fee structures, and educational resources—benefiting investors across the board.
Frequently Asked Questions (FAQ)
Q: What is a Major Payment Institution (MPI) license?
A: Issued by MAS, the MPI license allows companies to provide large-scale payment services, including digital payment token transactions. It requires strict compliance with capital adequacy, risk management, and consumer protection rules.
Q: What are Digital Payment Tokens (DPTs)?
A: DPTs are cryptocurrencies used as a medium of exchange, such as Bitcoin or Ethereum. In Singapore, platforms offering DPT services must be licensed by MAS to prevent money laundering and protect users.
Q: Can I trade crypto on moomoo Singapore now?
A: While moomoo has received preliminary approval, full DPT services will launch only after final MAS authorization. Users should stay updated via official announcements.
Q: Why is regulation important for crypto platforms?
A: Regulation ensures platforms follow anti-fraud, anti-money laundering, and investor protection standards. It increases trust and encourages mainstream adoption of digital assets.
Q: How does moomoo compare to other licensed DPT providers?
A: As the first digital brokerage with preliminary MPI approval for DPT services, moomoo bridges traditional investing and digital assets under one regulated roof—an advantage for multi-asset investors.
Q: Will moomoo offer staking or yield products after licensing?
A: Any future product offerings will depend on regulatory approvals and market conditions. Compliance with MAS guidelines will remain a top priority.
The journey toward full DPT licensing is more than a regulatory checkbox—it's a strategic move that reflects moomoo’s vision of building a comprehensive, secure, and future-ready investment platform.
With Singapore continuing to lead in fintech regulation and adoption, milestones like this signal a new chapter in accessible, responsible digital wealth management—one where innovation and oversight go hand in hand.
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