Crypto.com secures regulatory approval to set up shop in Singapore
Cryptocurrency platform Crypto.com has received in-principle approval from Singapore’s main market regulator for its Major Payment Institution License.
Granted by the Monetary Authority of Singapore (MAS), the license enables companies to offer a range of payment services within the Payment Services Act, including digital payment token (DPT) services to customers in Singapore.
Crypto.com is coming to Singapore
Kris Marszalek, co-founder and CEO of Crypto.com, said the company was looking forward to deepening its roots in Singapore. In the company’s announcement, he noted that Singapore was a flourishing market for fintech innovation and praised its well-regulated business environment.
“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.”
The company’s announcement comes just days after receiving provisional approval of its Virtual Asset MVP License from regulators in Dubai. Once the Dubai Virtual Assets Regulatory Authority (VARA) grants the license, Crypto.com can provide its exchange services to Dubai residents.
Crypto.com was one of three companies that received in-principle approval for the DPT license in Singapore. According to The Business Times, trading platforms Genesis and Sparrow Exchange, via unit Sparrowtech, also secured regulatory approval.
Deputy Prime Minister Heng Swee Keat said these approvals reflect Singapore’s desire to work with blockchain and digital asset players.
“We are committed to partnering with innovative and responsible players to grow the Web3 ecosystem and community in Singapore,” he said in a recorded speech at the opening of the Point Zero Forum in Switzerland.
Including the three new additions, Singapore has granted licenses and in-principle approvals to 14 DPT service providers. At the end of May, the Monetary Authority of Singapore received a total of 196 applications for its DPT license. So far, 108 applications are pending review, 74 have been withdrawn, and three rejected.