Singapore’s Monetary Authority Revokes Bsquared’s Cryptocurrency Payment License

According to Bloomberg, the Monetary Authority of Singapore (MAS) has revoked the Major Payment Institution (MPI) license of local cryptocurrency liquidity provider Bsquared Technology Pte. Ltd. (“BSQ”), prohibiting BSQ from offering digital payment token services in Singapore. MAS stated it identified “serious breaches” of regulatory requirements by BSQ last year. The report notes that this move is relatively uncommon for local regulators amid Singapore’s broader efforts to mitigate risks associated with the crypto industry.