Singapore: Crypto.com obtains 'Major Payment Institution' license

 


Recently, a number of cryptocurrency exchanges have started growing. A few places that are drawing well-known corporations are Singapore, Hong Kong, and the United Arab Emirates. The Monetary Authority of Singapore has granted Crypto.com an MPI license, according to an announcement made on June 1st. The official statement emphasized,

“With this license, Crypto.com can continue to extend its Digital Payment Token (DPT) services to customers in Singapore.”

According to Kris Marszalek, CEO of Crypto.com, the central bank of Singapore is "recognized globally" as a regulator that "ensures responsible innovation of the digital assets sector." Added he,

“We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”

The 'licensure milestone' for Crypto.com


The Monetary Authority of Singapore had already granted in-principle approval to Crypto.com in June of last year. Several community members congratulated the exchange on finally obtaining the license on Twitter. In fact, one user made the observation that such significant regulatory accomplishments will only reassure and comfort users. General Manager of Crypto.com Singapore, Chin Tah Ang, commented on the most recent development, saying,

“The Major Payment Institution license underscores our ongoing commitment to build with the Web3 community in Singapore. Singapore continues to be a hub for blockchain and fintech innovation.”

In March 2023, Crypto.com announced that Dubai's Virtual Assets Regulatory Authority has granted it a "MVP Preparatory License." Prior to that, in June 2022, VARA gave the exchange its initial, provisional clearance. A license is typically obtained in three steps. They entail obtaining a preliminary license, an operating license, and a provisional permit. 

In November of last year, the MAS granted Crypto.com its MPI license for the provision of domestic and cross-border money transfer services, e-money issuance, and account issuance. In addition, it has registration/re-registration undertakings in a number of other countries, including Australia, Canada, Greece, South Korea, Australia, Italy, Greece, Cyprus, the Cayman Islands, and the United States.


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