Some 170 companies applied for a MAS licence, taking the total number of firms seeking to operate under its Payment Services Act to about 400, after the law came into effect in January last year
Some regulators have already taken a tough line, such as SEC Chair Gary Gensler, who has said stablecoins can be used for money-laundering, tax avoidance, and to circumvent U.S. financial sanctions
Under the partnership, BAS and AntChain will co-organize events and programs in Singapore and China to raise further awareness of blockchain
The startups are joining a race against digital lenders and investment platforms including the Ant-backed Paytm, which is seeking an up to $18.5 billion valuation in its initial public offering.
