MAS Denies License: Tokenize Xchange Exits Singapore
Move underscores Singapore’s commitment to upholding high regulatory standards for its financial center.
In a move that underscores Singapore’s unyielding regulatory rigor, digital asset platform Tokenize Xchange is shuttering its operations in the city-state and relocating to Labuan, Malaysia, after failing to secure a license from the Monetary Authority of Singapore (MAS).
The decision not to grant Tokenize’s parent company, Amazingtech, a Major Payment Institution (MPI) license effectively bars the firm from continuing its digital payment token services in Singapore.
Tokenize has acknowledged the ruling by ceasing all Singapore-based operations and announcing plans to pursue regulatory approval from the Labuan Financial Services Authority (LFSA) – a jurisdiction known for more lenient, cross-border-focused frameworks.
Strategic Retreat or Regulatory Reality Check?
The MAS’s decision reflects Singapore’s ongoing effort to safeguard the integrity and reputation of its financial ecosystem, especially as global scrutiny intensifies around crypto regulation. While no specific reason for the license rejection was disclosed, it sends a clear signal: only digital asset firms meeting the city’s high standards will be allowed to operate.
Singapore has made no secret of its intent to become a global digital asset hub – but not at any cost. By setting a high bar for licensing, the MAS continues to draw a clear line between fostering innovation and ensuring financial stability, consumer protection, and compliance with anti-money laundering regulations.
Labuan and Abu Dhabi: New Frontiers for Tokenize
With Singapore now out of reach, Tokenize is eyeing expansion into jurisdictions more welcoming to its operations. The company is finalizing the acquisition of a firm with an existing Digital Financial Services License in Labuan and hopes to obtain an Abu Dhabi Global Market (ADGM) license, known for its internationally respected regulatory regime.
«While we regret this outcome in Singapore, we view this development as an opportunity to fortify our international operations,» said Hong Qi Yu, CEO and Founder of Tokenize Xchange. «Our Labuan license and forthcoming ADGM license underline our unwavering commitment to regulatory compliance.»
User Withdrawals and a Graceful Exit
Tokenize has informed users that all crypto services for Singapore-based customers have ceased. The company will allow withdrawals and asset transfers through a tiered schedule based on portfolio value, culminating on 30 September 2025. Any unclaimed assets after that date risk being stranded.
Singapore users can still view their balances and initiate transfers via sg.tokenize.exchange, with staff available for support. Tokenize has also extended gratitude to its Singapore team, many of whom will remain temporarily to facilitate the wind-down.
Upholding Standards in the Age of Digital Finance
As crypto platforms increasingly look for regulatory arbitrage, Singapore’s move may be viewed as a defining moment — a reminder that quality, not quantity, shapes a world-class financial center.
By choosing not to grant a license to Tokenize, Singapore is reaffirming its stance: innovation is welcome, but not at the expense of trust and credibility.
