NEW YORK & SINGAPORE - Genesis, a digital asset prime brokerage, today announced that Genesis Asia Pacific Pte. Ltd. (Genesis Asia Pacific) has received in-principle approval by the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This makes Genesis Asia Pacific one of a handful of Singapore-based digital payment token service providers who have received such in-principle approval.

"MAS has been very transparent and engaged throughout the application process and we appreciate its commitment to prudent and constructive oversight of the industry,” said Michael Moro, CEO of Genesis.

Genesis offers sophisticated market participants a fully integrated platform to trade, borrow, lend, and custody digital assets, creating new opportunities for yield while increasing capital efficiency for counterparties. Since its founding in 2013, Genesis has aimed to provide institutional investors around the world with access to industry-leading products and services that are addressing an evolving global regulatory framework.