Crypto.com Receives In-principle License from Singapore Finance Regulators
Crypto exchange Crypto.com will receive a Major Payment Institution License from the country’s supreme financial regulator.
Crypto.com, a major cryptocurrency exchange based in Singapore, has received in-principle approval for its Major Payment Institution License from the Monetary Authority of Singapore (MAS). The license will allow the platform to offer a range of payment services in the country.
On Wednesday, June 22, Crypto.com announced the approval from MAS, which is necessary for offering the Digital Payment Token services within the framework of Singapore’s Payment Services Act.
In the announcement, Kris Marszalek, co-founder and CEO of Crypto.com, confirmed the company’s commitment to collaborating with the MAS:
“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build. We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore — a flourishing market for fintech innovation, renowned for its well-regulated business environment.”
The Payment Service Act came into force in 2019, introducing the categories of small and major payment institutions. To obtain the following licenses, the enterprises are obliged to comply with a number of legal demands as well as act in accordance with Anti-Money Laundering and Countering the Financing of Terrorism legislation.
In June, Crypto.com reported the provisional approval of its virtual asset license from the Dubai Virtual Assets Regulatory Authority. Back in 2021, the exchange became the first crypto company to receive Malta’s Class 3 Virtual Financial Assets License.
Recently, the company initiated a $100 million accelerator program to fast track Web3, metaverse and decentralized finance projects through its blockchain ecosystem, Cronos. Some of the well-known investment partners backing the Cronos Accelerator Program include Altcoin Buzz, AP Capital, Dorahacks, IOSG Ventures, Mechanism Capital, OK Blockchain Capital and Spartan Labs.