June 6, 2023
By Anjali Kochhar
Crypto.com, a leading cryptocurrency exchange, has successfully completed its licensing process in Singapore, solidifying its presence in the city-state.
The exchange had previously obtained in-principle approval from the Monetary Authority of Singapore (MAS) in June of last year. The recent development comes as Crypto.com has been granted the Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the MAS, as announced by the exchange on Thursday.
Kris Marszalek, the CEO of Crypto.com, expressed his appreciation for the MAS’s regulatory approach, stating, “The Monetary Authority of Singapore is recognised globally as a regulator that ensures responsible innovation of the digital assets sector.”
The MAS has garnered a reputation for its stringent oversight and commitment to maintaining high standards in the crypto industry. In the past year, the regulator has taken a strong stance against illicit activities and vowed to be “brutal and unrelentingly hard” on bad actors in the space.
Despite the MAS’s rigorous evaluation process, several prominent crypto companies, including Coinbase and Blockchain.com, have also received in-principle approval from the regulator.
The MPI license obtained by Crypto.com enables the exchange to provide digital payment token services in Singapore. This license allows Crypto.com to offer a wide range of services to its customers, including the buying, selling, and storing of digital assets, as well as facilitating transactions using digital tokens.
With the MPI license in hand, Crypto.com can operate within the regulatory boundaries set by the MAS and provide its services to users in Singapore with confidence and compliance.
The licensing of Crypto.com in Singapore adds to the exchange’s growing list of regulated jurisdictions.
As the digital asset industry continues to evolve and gain mainstream acceptance, the involvement of reputable regulators like the MAS is crucial for fostering innovation while safeguarding the interests of consumers and investors.
By establishing a robust regulatory framework, Singapore, like other jurisdictions such as Hong Kong, is positioning itself as a hub for digital assets and blockchain technology. The MAS’s proactive approach and commitment to responsible innovation make it an attractive jurisdiction for companies in the crypto space.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
