Singapore Approves FuzeX Crypto Wallet And Debit Card As A Stored Value Facility (SVF)
FuzeX Cryptocurrency Wallet and Debit Card Approved as a Stored Value Facility (SVF) in Singapore
A cryptocurrency payment ecosystem that offers crypto debit cards, FuzeX, announced that its staff met with the Monetary Authority of Singapore (MAS) in order to present their product launch on a lawful basis.
The discussion was fruitful as FuzeX received an approval as a SVF (stored value facility), getting the green light to launch its product and services within the regulations and laws of Singapore. MAS, the body that approved FuzeX, is responsible for supervising the financial and banking industries that conduct their businesses in Singapore.
Monumental Step for FuzeX
Having a cryptocurrency wallet and debit card is a big step towards making cryptocurrency use easy and more accessible.According the FuzeX team, this is a huge milestone for the company’s future to launch a revolutionary product on a global. The company said that:
“This is the first monumental step for FuzeX showing its possibility of launching our product on a global scale in the future. Next, in order to launch our product within the UK and EU, we reached a new partnership with a UK issuer. As a result of this partnership, we are anticipating a possible release into Europe Customer base earlier than originally expected.”
In order to launch the FuzeX card successfully, SVF was a necessary conduit and legal process in Singapore, which has to be established. If adoption of the card turns out as expected in the country, then there’s no doubt that the same will be replicated in the UK and EU, where the company has plans to sell their product next.
Here’s a demo of the FuzeX card: