Crypto.com secures regulatory approval to set up shop in Singapore

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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.

‚ÄúThe Mon¬≠e¬≠tary Author¬≠i¬≠ty of Sin¬≠ga¬≠pore sets a high reg¬≠u¬≠la¬≠to¬≠ry bar that cul¬≠ti¬≠vates inno¬≠va¬≠tion while pro¬≠tect¬≠ing con¬≠sumers, and their in-prin¬≠ci¬≠ple approval of our appli¬≠ca¬≠tion reflects the trust¬≠ed and secure plat¬≠form we have worked dili¬≠gent¬≠ly to build.‚ÄĚ

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.

‚ÄúWe are com¬≠mit¬≠ted to part¬≠ner¬≠ing with inno¬≠v¬≠a¬≠tive and respon¬≠si¬≠ble play¬≠ers to grow the Web3 ecosys¬≠tem and com¬≠mu¬≠ni¬≠ty in Sin¬≠ga¬≠pore,‚ÄĚ he said in a record¬≠ed speech at the open¬≠ing 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.

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