JST Digital obtains in-principle approval for MPI licence from MAS

By Gloria Mathias

JST Digital, a global financial services firm specialising in digital assets,  has announced that its Singapore subsidiary, JST Digital & Technology (JST Singapore), has received an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to provide digital payment token service.

Todd Morakis, CEO of JST Singapore & Co-founder of JST Digital, shared, “We’re proud to receive in-principle approval from the MAS, allowing us to operate in one of the leading regulatory frameworks for digital assets in the region. I’ve been working in the financial industry in Singapore for more than three decades and believe that MAS has done a great job of creating a comprehensive regulatory framework for digital assets and traditional finance alike.”

JST Singapore provides market-making, indicated solutions, and trade execution services. After meeting the admission requirements to achieve this regulatory milestone, JST Singapore will continue to work towards securing its license under Singapore’s robust regulatory framework.

Scott Freeman, Non-Executive Director of JST Singapore and Co-founder at JST Digital, concluded, “This in-principle approval from the MAS comes at an opportune time, with market activity increasing and growing demand for our services over the past year.”

JST Digital is a crypto-native financial services firm specializing in market making, quantitative trading and digital asset management. The founders of JST Digital have all spent over 20 years in traditional financial services. They entered the crypto markets as early as 2014, when they began to make markets for one of the early blockchain projects. Leveraging that experience, JST Digital was launched in 2018 to provide a full suite of traditional financial services to institutions in the digital asset market.