The bloody crypto market has been harsh on everyone. Amidst this carnage and chaos, Crypto.com managed to feel a sense of respite after it garnered a green signal from Singapore’s financial regulator.
Earlier today, the crypto exchange shared an elaborate blog post that revealed that the Monetary Authority of Singapore [MAS] had finally given in-principle approval for its Major Payment Institution License. Through this license, the exchange would be allowed to legally offer a wide range of services in Singapore.
Speaking about its latest accomplishment and future endeavors, the CEO of Crypto.com, Kris Marszalek said,
“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.”
Why is this approval important for Crypto.com?
Headquartered in Singapore, garnering this approval was highly essential for Crypto.com. This was quite controversial as the community wondered why the world’s largest cryptocurrency exchange Binance couldn’t get a regulatory nod in Singapore.
Nevertheless, if Crypto.com failed to acquire this in-principle approval it would have had to find a new place to call home. Now, that the exchange got on the good side of the regulator, it intends to deepen its roots in Singapore. With the region trying to venture into the Web 3 space, the community speculates many such approvals in the coming days.
Furthermore, it is to be noted that MAS had received a whopping 196 applications from entities that intended to offer digital payment token services. However, only 14 managed to get a green signal from the financial watchdog. While 108 remain pending, 74 applications were withdrawn and three were outrightly rejected.
Along with Crypto.com, Genesis and Sparrow managed to get approvals as well.
The bear market was clearly harsh on the entire crypto community. Crypto.com joined its counterparts and went on to sack an array of its employees. The crypto exchange reported letting go of 260 employees calling it a “difficult” yet “necessary decision.”