Crypto.com announced today (June 22) that it has been granted approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License.
This means that the cryptocurrency platform will now be able to offer a range of payment services to Singapore customers that comply with the Payment Services Act, such as Digital Payment Token (DPT) services.
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.– Kris Marszalek, co-founder and CEO of Crypto.com
Kris also highlights that they look forward to working with MAS and strengthening their roots in Singapore, which he describes as “a flourishing market for fintech innovation, renowned for its well-regulated business environment.”
Crypto.com, with more than 50 million users globally, will continue to expand and grow its ecosystem. This news follows the recent provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA), and the company plans to launch its cryptocurrency exchange service in Dubai.
MAS has granted approvals to 14 companies
Besides Crypto.com, the MAS has also granted approvals to Genesis and Sparrow, bringing the total number of licenses and in-principle approvals granted in the last two years to 14. These include companies like FOMO Pay, Triple A, DBS Vickers, Revolut, Luno and more.
Genesis launched the first US OTC bitcoin trading desk in 2013 and has been growing to facilitate billions of people in their monthly digital currency trades, loans and transactions. On top of that, they provide access to deep pools of global liquidity throughout the digital asset ecosystem.
Meanwhile, Sparrow offers digital asset products and solutions. It focuses on establishing an options trading platform that aims to be secure, compliant and intuitive for individual subscribers.
They also work with financial institutions and family offices in designing bespoke digital asset solutions to achieve customer-centric growth objectives, without compromising on financial reporting and compliance requirements.
Headquarted in Singapore, they are supported by known investors in the digital assets space and work with financial institutions and wealth managers.
In an inaugural Point Zero forum held in Zurich, Switzerland today, Deputy Prime Minister Heng Swee Keat asserted that “Singapore remains keen to work with blockchain and digital asset players”.
He adds that the nation remains committed to joining hands with innovative and responsible players to grow the Web 3.0 ecosystem and community.
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