Major Singaporean cryptocurrency exchange Crypto.com has received approval in principle from the Monetary Authority of Singapore (MAS) for a major payment institution license. The license will allow the platform to provide a range of payment services in the country.

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Wednesday, June 22, Crypto.com announced MAS approval required to provide digital payment token services under the Singapore Payment Services Act.

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In the announcement, Chris Marsalek, co-founder and CEO of Crypto.com, reaffirmed the company’s commitment to partnering with MAS:

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“The Monetary Authority of Singapore sets the bar high for regulation that cultivates innovation while protecting consumers, and their principled approval of our app reflects the robust and secure platform we have worked hard to build. We look forward to continuing our partnership with MAS and expanding our roots in Singapore, a thriving fintech innovation market known for its well-regulated business environment.”

The Payment Services Law came into force in 2019, introducing the categories of small payment institutions and large payment institutions. In order to obtain the following licenses, businesses must comply with a number of legal requirements, as well as act in accordance with the legislation on combating money laundering and countering the financing of terrorism.

Why Singapore is one of the most crypto-friendly countries

In June, Crypto.com announced the pre-approval of the virtual asset license by the Dubai Virtual Assets Regulatory Authority. Back in 2021, the exchange became the first cryptocurrency company to receive a Maltese Class 3 virtual financial asset license.

The company recently launched a $100 million accelerator program to accelerate decentralized finance, Web3, and metaverse projects with its Cronos blockchain ecosystem. Some of the notable investment partners supporting the Cronos Accelerator program include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks.