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Singapore’s MAS Grants CryptoCom In-Principle Approval

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Leading digital asset exchange CryptoCom has received Monetary Authority of Singapore approval in principle to provide various payment services in the Asian city-state.

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The regulator also gave the green light to two additional firms in the crypto industry — Genesis and Sparrow — to provide similar services.

MAS said yes

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In a recent adCryptoCom explained that the latest approval will allow the exchange to offer numerous settlement solutions under the Payment Services Act, including Digital Payment Token (DPT) services for Singaporean customers. Chris Marszalek, co-founder and CEO of the platform, commented on the license:

“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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He also described Singapore as a “thriving marketplace for fintech innovation” where cryptocurrencies and other technologies can flourish.

CryptoCom has been hit hard by the recent cryptocurrency market crash. Earlier this month the company said he plans to lay off 260 employees, or 5% of the total workforce. However, as soon as the negative trends change, CryptoCom “will be ready to dive in and catch the next wave of growth,” Marszalek assured.


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Beyond exchange, MAS gave this is a nod to the digital asset broker Genesis and the cryptocurrency trading platform Sparrow. Like CryptoCom, they will be able to provide DPT services in Singapore under a strict regulatory regime.

“We must continue to build confidence through regulatory barriers, encouraging innovation and generating profits,” said Heng Swee Keet, Deputy Prime Minister of Singapore.

As a result of the latest approvals, the number of crypto firms that received a “yes” from the MAS has increased to 14. However, this is only a small part of the 200 applicants who have sought approval from the supervisory body over the years.

Singapore aims to become a crypto hub

A few months ago, Ravi Menon, the head of MAS, outlined the watchdog’s ambition to turn the city-state into a global center for the cryptocurrency industry. However, in his opinion, this goal can be achieved through the application of comprehensive rules in this sector.

Menon argued that criminals can use digital assets in their illegal activities, meaning that the rules should be as “strict” as possible.

Last month, Singapore’s top financial regulator joined forces with the local monetary industry to launch Project Guardian. The initiative will be led by the largest domestic bank – DBS Bank – and the American corporation – JPMorgan Chase.

“Project Guardian” will explore potential use cases for decentralized finance (DeFi) and asset tokenization and will double down on Singapore’s intentions to become a cryptocurrency powerhouse.

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Credit : cryptopotato.com

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