Cryptocurrency services provider, Crypto.com has recently confirmed that the company has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License.
Once granted, the license will allow the digital asset services provider to offer a broad range of payment services in the region under the Payment Services Act. The offering will include Digital Payment Token (DPT) services to clients in the country.
The latest announcement from Crypto.com came nearly two weeks after the company received provisional approval for its Virtual Asset MVP License from the regulatory authorities in Dubai. Additionally, Crypto.com is planning to enhance its presence in the UAE.
“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,” said Kris Marszalek, the Co-Founder and CEO of Crypto.com. “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.”
Recently, Crypto.com inked a sponsorship deal with FIFA for the World Cup 2022.
Crypto Regulations
While the digital asset market is going through a tough period, regulatory authorities around the world have started introducing innovation-driven regulations to help companies offer crypto services under regulated infrastructures. In March 2022, Sygnum Singapore received in-principle approval from MAS to conduct additional services under its CMS license.
In May 2022, Binance, one of the largest cryptocurrency exchanges in the world, received approval from the regulatory authorities in France and Italy to offer digital asset services in the regions. During the same month, Binance Bahrain became the first cryptocurrency services provider to hold a full category 4 license. The company received the license from the Central Bank of Bahrain (CBB).
