Crypto.com Obtains Major Licence From The Monetary Authority of Singapore

Key Points:

• The MAS has given Crypto.com a major payment institution license for digital payment token (DPT) services.
• With this authorization, the crypto exchange may continue to provide digital payment token services to local consumers.
• Several governments have also granted Crypto.com regulatory permits or licenses.

The Monetary Authority of Singapore (MAS) awarded crypto exchange Crypto.com a major payment institution (MPI) license for digital payment token (DPT) services, on June 1.

With the license, it may continue to provide DPT services to the country’s consumers, including e-money issuance, account issuance, and cross-border and domestic money transfers, according to an announcement from the exchange on Thursday. Kris Marszalek, CEO of Crypto.com, stated:

“The MAS is recognized globally as a regulator that ensures responsible innovation of the digital assets sector. We are proud to receive the licence from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”

Singapore‘s central bank and principal financial regulatory institution is the MAS. It is in charge of regulating and enforcing regulations pertaining to money, banking, insurance, securities, and the whole financial sector, including currency issues.

After last year’s crypto crises, which included the demise of the popular exchange FTX, activity in 2023 has been quiet. Last year, the MAS committed to being unrelentingly tough on bad conduct in the crypto company, cementing its position as a regulator that sets a high bar for certifying enterprises. Yet, a number of well-known cryptocurrency firms, like Coinbase and Blockchain.com, got in-principle authorization from the government in the previous year.

This recent statement adds to Crypto.com’s long history of obtaining regulatory approvals. Other nations that have granted regulatory permits or licenses to the exchange include France, Dubai, South Korea, Australia, Italy, Greece, Cyprus, the Cayman Islands, Canada, the United States, and the United Kingdom.

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Harold

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