Licence Denied: Tokenize Quits Singapore After MAS Decision

Tokenize Xchange, a digital asset platform, is shutting down its operations in Singapore after the Monetary Authority of Singapore (MAS) refused to give it a licence. The company is now moving its business to Labuan, Malaysia.

Tokenizes parent company, Amazingtech, had applied for a Major Payment Institution (MPI) licence. Without this licence, it cannot legally offer digital payment token services in Singapore. After the MAS decision, Tokenize confirmed it would stop all operations in the city-state and try to get approval from the Labuan Financial Services Authority (LFSA), which has a more flexible and international approach to regulation.

Singapore has made it clear that it wants to be a global leader in digital finance, but only with strong rules in place. The MAS did not give a reason for rejecting Tokenizes application, but the move shows that only companies that meet its high standards can stay in the market. Singapore continues to prioritise protecting users, preventing financial crime, and maintaining system security.

While Tokenize did not get the green light in Singapore, it is looking to grow elsewhere. The company is close to buying a licensed firm in Labuan and is also applying for a licence in Abu Dhabi, where the financial rules are known and respected worldwide.

Company founder and CEO, Hong Qi Yu, said this was a disappointing result but also a chance to grow internationally. He said that the Labuan and Abu Dhabi licences would show that the company is serious about following the rules in every market it enters.

To support its customers during the exit, Tokenize has set up a step-by-step plan for users to withdraw or move their assets. This process will run until 30 September 2025. After that, any assets not withdrawn may be lost. Singapore-based users can still log in to view their balances and make transfers through the platform. A local team will stay in place for now to help with support.

The company has also thanked its Singapore staff for their hard work during this time. Many of them will stay on temporarily to help complete the winding down.

Singapore is open to innovation, but not at the cost of safety and trust. By denying Tokenize a licence, MAS is showing that strong rules and reliable operators are key to building a trusted digital finance sector.