Fly Wing Technologies Pte Ltd (“Fly Wing”), a wholly owned subsidiary of Matrixport, the world’s leading and largest one-stop crypto financial services platform in Asia, today announced that it has been granted the Major Payment Institution (“MPI”) License by the Monetary Authority of Singapore (“MAS”).

With this license approval, Fly Wing will continue building its role as a trusted Over-the-Counter (“OTC”) desk in Singapore. This license follows the in-principle approval received in October, underscoring Fly Wing’s commitment to regulatory compliance and operational excellence.

John Ge, Co-founder and CEO of Matrixport, stated, “We are thrilled that Fly Wing has received its license from the MAS. This marks a significant step in our ongoing expansion across the Asia-Pacific region. We look forward to providing high-quality Digital Payment Token services to users in Singapore.”

Having received its license from the MAS, Fly Wing is well-positioned to build a strong foundation for its long-term growth, driving continuous innovation in the digital finance sector. Moving forward, Fly Wing will continue to offer innovative Digital Payment Token services securely and transparently and will continue to optimize blockchain-driven Digital Payment Token services, enabling seamless access for users entering the Web 3.0 industry.

About Fly Wing Technologies Pte Ltd

Founded in 2019, Fly Wing Technologies Pte. Ltd. (“Fly Wing”) is a wholly owned subsidiary of Matrixport, a leading digital asset financial services platform in Asia.

Fly Wing serves a diverse clientele, including crypto miners, trading firms, investment firms, and high-net-worth individuals from both crypto and traditional finance. The company engages in OTC services for customers to on- and off-ramp Digital Payment Tokens, facilitating over $100 million in monthly transactions and providing liquidity for major cryptocurrencies.

Fly Wing has received the MPI License from MAS to provide Digital Payment Token services for OTC trading in Singapore.

Fly Wing official website: https://www.flywing.com/

About Matrixport

Founded in 2019, Matrixport is the world’s leading all-in-one hub for crypto financial services. The platform is committed to providing every user with a personalized Super Account that integrates crypto trading, investment, loan, custody, RWA, research and more. With $6 billion in AUM (assets under management), Matrixport offers global users diverse crypto-financial solutions designed for optimal capital efficiency and sustainable returns.

As a Group and through its local subsidiaries, Matrixport has received the Trust or Company Service Provider / Money Lender Licenses in Hong Kong and the FINMA Asset Management License in Switzerland. The company operates as an Appointed Representative in the UK, is registered as an MSB in the US, and is a member of Switzerland’s FINMA SRO-VFQ.

Matrixport was recognized by CB Insights as one of the “50 Most Promising Blockchain Companies” and was featured in the Hurun “2024 Global Unicorn List.” Its subsidiary, Fly Wing, has received the MPI License from MAS in Singapore.

Matrixport official website: https://www.matrixport.com

The White House has publicly announced its support for a Congressional Review Act (CRA) resolution aimed at overturning the Internal Revenue Service’s (IRS) broker rule for decentralized finance (DeFi). The rule, finalized in 2024, expands the definition of a broker to include DeFi developers, requiring them to report user transaction data to the IRS.

White House and Lawmakers Oppose IRS Broker Rule

David Sacks, the White House’s Crypto and AI advisor, confirmed the administration’s backing of the CRA. He stated that the rule, introduced in the final months of the Biden administration, imposes strict reporting obligations on DeFi developers. The White House supports the repeal, emphasizing that the regulation places an unnecessary burden on software developers and infrastructure providers.

Senator Ted Cruz and Representative Mike Carey introduced the CRA resolution, seeking to nullify the IRS DeFi Broker Rule. The resolution requires a simple majority in both chambers of Congress to pass. Lawmakers argue that DeFi developers should not be classified as brokers under existing tax laws, as they do not directly facilitate transactions between buyers and sellers.

Critics of the rule believe it could discourage innovation in the digital asset space. Peter Van Valkenburgh, Executive Director of Coin Center, stated that enforcing broker-like reporting requirements on DeFi developers could hinder technological progress. The White House’s stance aligns with lawmakers who advocate for a regulatory approach that supports blockchain development.

Senate to Vote on CRA Resolution

The Senate is set to vote on the CRA resolution that seeks to repeal the IRS DeFi Broker Rule. The vote was initially scheduled for March 5, but potential delays due to the upcoming State of the Union address may push it back. If passed in both chambers, the resolution would overturn the IRS regulation.

Supporters of the CRA argue that the broker classification under the rule is too broad, as it includes software developers and platform operators who do not control user funds. They believe that imposing tax reporting requirements on DeFi developers will drive innovation outside the United States.

Technology experts warn that compliance with the rule could be impractical for decentralized platforms. This is because the platforms do not have a central authority managing user accounts. Many DeFi protocols operate through smart contracts, which do not have direct control over user funds or identity verification.

The White House’s support for the CRA suggests a shift toward a more innovation-friendly approach in digital asset regulation.

Meanwhile, most recently, ConsenSys filed with the U.S. SEC to challenge another DeFi-related regulatory proposal, reinforcing its stance against the expansion of “exchange” definitions to decentralized protocols. 

Future of Crypto Regulation in the U.S.

The outcome of the CRA resolution will serve as an early indicator of how the U.S. government will regulate digital assets. The White House’s support signals a willingness to work with pro-crypto lawmakers to establish regulations that foster growth while ensuring compliance with tax laws.

Lawmakers advocating for the resolution believe that repealing the IRS DeFi Broker Rule would reinforce the administration’s pro-crypto stance.

Moreover, the pro-crypto Congress has formed the Crypto Caucus to drive digital asset legislation, focusing on regulatory clarity and innovation. The caucus aims to fast-track stablecoin and market structure bills in line with Trump’s push for crypto-friendly policies. Lawmakers believe these efforts will strengthen the U.S.’s leadership in blockchain and financial technology.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.