Luno Singapore has been granted in-principle approval (IPA) from the Monetary Authority of Singapore (MAS), under the Payment Services Act (PSA), to provide Digital Payment Token (DPT) services in Singapore. This milestone marks Luno as the first global retail-focused cryptocurrency platform in Singapore to obtain in-principle approval from the MAS.
What is the importance of the IPA?
The in-principle approval will enable the accessibility of cryptocurrency in a well-regulated environment that safeguards the interest of consumers. Obtaining the IPA, which follows a robust application process, is a testament to Luno’s strong focus on compliance and its ongoing advocacy globally for the effective regulation of crypto asset services.
Luno is regulated by the Securities Commission of Malaysia and is registered with the authorities in Indonesia. “We are thrilled to receive MAS’ in-principle approval (IPA) to provide Digital Payment Token (DPT) services in Singapore as a Major Payment Institution,” said Sherry Goh, Global Expansion Manager and Country Manager for Singapore, Luno.
“We believe that regulation brings clarity to consumers, and obtaining the IPA is just one of the first few steps in our long-term commitment to sustainable development of Singapore as a global financial hub. With this IPA, we hope to instil greater trust and confidence in the market, so that customers can continue to trust and use our platform safely and securely.”
What is the market reach of Luno Singapore?
Since being founded in 2013, Luno – a global cryptocurrency platform that aims to put the power of crypto in everyone’s hands – has garnered approximately 10 million customers across 40 countries, with more than 1 million added within only the last six months.
This follows a successful year that saw Luno grow its global customer base by 35% year-on-year and aims to bring cryptocurrency to over 1 billion customers by 2030.
Following Luno’s acquisition by the Digital Currency Group (DCG) in 2020, DCG further secured over $700m in a secondary funding round from investors including Google‘s Capital G and GIC Singapore, valuing DCG at $10bn. Luno also launched Luno Expeditions, a global, early-stage investment arm to support the best fintech and web3 founders on their journeys.