The Monetary Authority of Singapore revoked Bsquared’s license, citing regulatory breaches amid broader scrutiny of digital asset firms.
Singapore’s central bank revoked Bsquared’s digital payment token services license after identifying regulatory breaches. The move underscores stricter enforcement as the city-state balances innovation with compliance in its crypto sector.
The Monetary Authority of Singapore (MAS) has issued 37 such licenses to date, with revocations remaining rare. Last year, MAS rejected an application from Tokenize Xchange operator AmazingTech, prompting a probe by the Commercial Affairs Department.
Singapore remains a key crypto hub, hosting regional offices for Coinbase and Ripple, and advancing institutional adoption. Recent initiatives include a stablecoin service by Singapore Gulf Bank, enabling 24/7 fiat-digital asset settlements via Solana.