Crypto.com Wins In-Principle Payment License Approval From Singapore Regulator

Summary:

  • The major exchange is in line to receive Major Payment Institution License from the Monetary Authority of  Singapore.
  • Crypto.com could expand its services in Singapore to cover Digital Payment Token facilities if the license is granted.
  • Two other companies (Genesis and Sparrow Tech) also received similar regulatory nods from the market supervisor.
  • Only14 companies out of over 200 applicants have received the green light from Singapore’s rigid crypto licensing structure.

Major crypto trading platform Crypto.com has received a regulator nod from the Monetary Authority of Singapore as the company looks to expand operations in Southeast Asia and in global markets.

Crypto.com’s latest green light features the so-called Major Payment Institution License, a key financial license under the Payment Services Act that allows receivers to operate Digital Payment Token (DPT) services.

The DPT license is highly sought after in Singapore and only a handful of companies have managed to clinch it. According to a report from Bloomberg, about 14 companies out of 200 applicants have received the nod from regulators. 

Crypto.com and Two Other Bags Key License in Singapore

The approval from Singapore’s top regulator is in-principle as the MAS has a strict licensing regime for its digital ecosystem. Rhetoric from the market supervisor suggests that authorities are alert to guarding financial security and protecting investors.

Commenting on the development, CEO Kris Marszalek admitted that the license is indeed a big win for the crypto trading platform. Marszalek pointed out that Crypto.com plans to leverage the approval for expansion efforts in Singapore.

The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build. 

We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore – a flourishing market for fintech innovation, renowned for its well-regulated business environment.

Bloomberg also reported that two other firms, Genesis and Sparrow received similar in-principle approvals from the MAS. 

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