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

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Crypto.com cryptocurrency platform has received approval in principle from Singapore’s top market regulator for a license from a major payment institution.

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The license issued by the Monetary Authority of Singapore (MAS) allows companies to offer a range of payment services under the Payment Services Act, including digital payment token (DPT) services to customers in Singapore.

Crypto.com comes to Singapore

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Chris Marsalek, co-founder and CEO of Crypto.com, said the company is looking to deepen its roots in Singapore. In company adhe noted that Singapore is a thriving market for fintech innovation and praised its well-regulated business environment.

“The Monetary Authority of Singapore sets a high standard 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.”

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The company’s announcement came just a few days after receiving the pre-approval of the Virtual Asset MVP license from the Dubai regulators. Once the Dubai Virtual Assets Regulatory Authority (VARA) grants the license, Crypto.com will be able to provide its exchange services to the residents of Dubai.

Crypto.com was one of three companies to receive the DPT license in principle in Singapore. According to Business TimesThe trading platforms Genesis and Sparrow Exchange, through the Sparrowtech division, have also received regulatory approval.

Deputy Prime Minister Heng Swee Keat said the permits 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 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 DPT license applications. So far, 108 applications are pending, 74 have been withdrawn and three have been rejected.





Credit : cryptoslate.com

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