, a cryptocurrency exchange in Singapore, has now completed its licensing procedure after had received approval in principle in the city-state last June.

The Monetary Authority of Singapore has granted its Major Payment Institution license (MPI) for Digital Payment Tokens (DPT), , the exchange announced Thursday.

Kris Marszalek, CEO of the Singapore-based exchange, said: “The Monetary Authority of Singapore (MAS) is internationally recognized as a regulator who ensures responsible innovations in the digital assets industry.”

Last year, the MAS promised to be ‘brutal and unrelentingly tough’ when it comes to bad behavior in crypto. This solidified its reputation as a regulator who sets high standards for approving businesses. The regulator has also given in-principle approval to a number prominent crypto companies including Coinbase,

Read more: Singapore’s Temasek will Exercise Caution in Cryptospace After FTX Disaster

Parikshit Miishra is the editor.