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Crypto.com, a Singapore-based cryptocurrency exchange, has been granted a payment license for digital tokens.
According to an announcement by the exchange, the major payment institution (MPI) license will allow Crypto.com to offer digital payment token (DPT) services to users in Singapore. This news comes just after the exchange was awarded its in-principle approval from the Monetary Authority of Singapore. The Monetary Authority of Singapore is the country’s central bank and is the main financial authority and regulator in the space. In addition to financial regulation, the authority also oversees and introduces the legal infrastructure with regard to all financial elements in the country, including insurance, money, banks, and the printing and issuing of currencies.
The CEO of Crypto.com noted that the exchange is proud to “[prioritise] consumer protection, safety, and security.” He also stated:
“We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”
We’re excited to share our latest regulatory achievement in one of the world’s leading crypto hubs, #Singapore 🇸🇬https://t.co/vCNztATSCO has been granted the Major Payment Institution Licence by The Monetary Authority of Singapore @MAS_sg
Learn more:https://t.co/4PwkuGgsnr pic.twitter.com/AklwjP2Z4C
— Crypto.com (@cryptocom) June 1, 2023
Crypto.com’s global work
Crypto.com has been working hard to secure licenses for its services and work within regulatory limits.
The exchange has been approved to offer services and products from the Dubai Virtual Assets Regulatory Authority. It has also been registered as a cryptocurrency business in the United Kingdom by the United Kingdom’s Financial Conduct Authority. The exchange received its license to work as a digital asset service provider in France, authorised by the Autorité des Marchés Financiers.
The more the crypto company can work with regulators and authorities, the better it will be able to branch out across the world. Moreover, by working with regulators, Crypto.com can display the potential the cryptocurrency industry can offer the broader financial realm.