[SINGAPORE] Cryptocurrency exchange Tokenize Xchange will cease its Singapore operations from Sep 30.

This comes after the Monetary Authority of Singapore (MAS) decided not to grant the company a licence to offer digital payment token services, said the Singapore-based digital exchange platform on Sunday (Jul 20).

All 15 employees of Tokenize Singapore will be laid off by Sep 30. However, some may be offered work in the company’s international operations, said Tokenize Xchange in response to queries from The Business Times. It declined to comment on why the company was denied a licence by the MAS.

The exchange is relocating to Labuan, and  seeking to obtain a licence from the Labuan Financial Services Authority. It is also currently in the midst of acquiring a company that holds a digital financial services licence issued by the Labuan Financial Services Authority. The deal is expected to close by Sep 30.

It will also seek regulatory approval from Abu Dhabi Global Market, a financial zone located in Abu Dhabi, the capital of the United Arab Emirates.

Hong Qi Yu, chief executive and founder of Tokenize Xchange, said: “While we regret this outcome in Singapore, we view this development as an opportunity to fortify our international operations.”