SINGAPORE, 4 November 2021 – Cabital, a leading digital assets institution, today announced that it seeks to apply for formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.
Securing regulatory approval under the Payment Services Act will enable Cabital to directly support customers to trade in digital payment tokens legally in Singapore.
Raymond Hsu, Cabital’s Co-founder & Chief Executive Officer, said:
“When Cabital secures formal regulatory approval from MAS, we will be in a great position to support customers in tapping into the growth of cryptocurrencies as a new and exciting asset class across Singapore.
“Cabital has been using Chainalysis’ KYT and Reactor products since our formation to empower us to meet applicable regulatory requirements on Anti-Money Laundering (AML) in each of our markets with ease and agility, including Singapore in the future. I look forward to leading Cabital with our outstanding compliance team into the future in a safe and secure fashion.”
Ulisse Dell’Orto, Chainalysis’ Managing Director of APAC, said:
“As adoption continues, regulators are searching for ways to protect consumers without stifling the industry’s innovation. Chainalysis’ data platform will provide Cabital, a leading digital asset institution, with the tools necessary to build user confidence while evolving with the ever-changing cryptocurrency landscape. We look forward to enabling Cabital to fulfil its regulatory obligations and further pursuing our joint mission of building trust in blockchains.”
Chainalysis’ Chainalysis KYT (Know Your Transaction) and Chainalysis Reactor products are instrumental in Cabital’s journey to build a robust and sustainable Compliance programme. Chainalysis KYT detects patterns of high risk activity, ranging from OFAC sanctioned addresses and darknet markets, to scams and anomalous transactions. Chainalysis Reactor connects cryptocurrency transactions on a real-time basis to facilitate transparency in identifying counterparty transaction risk.
As regulators continue to scrutinize the growing cryptocurrency industry, companies that interact with digital assets must now comply with new legislation from their local government agencies. Know Your Customer (KYC) and AML requirements are now compulsory and must be strictly adhered to protect users from nefarious activities.
Last month, Cabital announced that it has added the European Union’s Single Euro Payments Area (SEPA) to its growing list of payment methods, enabling customers to seamlessly change between euros and cryptocurrencies to generate high-yield passive income.
The SEPA announcement came after Cabital’s recent successful $4 million seed round that was led by SIG, Dragonfly, and GSR, increasing our valuation to $40 million. That followed Cabital’s recent successful angel round where the company raised $3 million.
Cabital is a leading global digital assets institution. The company’s purpose is to empower people to earn passive income safely and securely with their cryptocurrencies. Our main product is Cabital Earn, a cryptocurrency wealth management platform that enables customers to buy cryptocurrencies with euros and acquire higher returns on their investments of up to 12% APY.
Cabital’s compliance program is modeled after leading global financial service providers. We use Sumsub’s biometric identity verification solution to manage the risk of identity fraud. To provide our customers with peace of mind, all customers’ crypto assets are held with Fireblocks, one of the world’s most trusted digital asset custody, transfer, and settlement platforms.
Cabital is registered in the Republic of Lithuania as a cryptocurrency exchange operator and a cryptocurrency depository wallet operator. It has related entities incorporated in Singapore, Malaysia, and China. Cabital carries out its activities in accordance with Lithuanian regulations on AML/CTF and is subject to the European Union’s General Data Protection Regulation.
Cabital was founded by Raymond Hsu in 2020. Prior to establishing Cabital, Raymond worked for over a decade, holding leadership positions in fintech companies such as Airwallex and global banks including Citibank. Cabital’s leadership team has extensive experience working in leading traditional financial institutions, including JPMorgan Chase & Co, Nomura Securities, UBS, and AIA Group.
Chainalysis is a blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
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