If you’re in Singapore, great news! Cabital is applying for formal approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services under the Payment Services Act.
This means Cabital will be able to support customers to trade in digital payment tokens legally in Singapore once we secure regulatory approval.
Ensuring compliance with regulatory requirements is becoming increasingly important, as financial regulators are scrutinizing the cryptocurrency industry to better protect crypto users.
We caught up with our CEO, Raymond, to hear his thoughts around what this means for Cabital: “When Cabital secures formal regulatory approval from MAS, we will be in a great position to support customers in tapping into the growth of cryptocurrencies as a new and exciting asset class across Singapore.
“Cabital has been using Chainalysis’ KYT and Reactor products since our formation to empower us to meet applicable regulatory requirements on Anti-Money Laundering (AML) in each of our markets with ease and agility, including Singapore in the future. I look forward to leading Cabital with our outstanding compliance team into the future in a safe and secure fashion.”
Chainalysis’ Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor products are instrumental in Cabital’s journey to build a robust and sustainable compliance programme.
Chainalysis KYT detects patterns of high-risk activity, ranging from OFAC sanctioned addresses and darknet markets, to scams and anomalous transactions. Chainalysis Reactor connects cryptocurrency transactions on a real-time basis to facilitate transparency in identifying counterparty transaction risk.
According to Ulisse Dell'Orto, Chainalysis’ Managing Director of APAC, “As adoption continues, regulators are searching for ways to protect consumers without stifling the industry’s innovation. Chainalysis’ data platform will provide Cabital, a leading digital asset institution, with the tools necessary to build user confidence while evolving with the ever-changing cryptocurrency landscape. We look forward to enabling Cabital to fulfil its regulatory obligations and further pursuing our joint mission of building trust in blockchains.”