A host of crypto exchanges have been expanding their realm of late. Hong Kong, UAE, and Singapore are a few regions that are attracting prominent companies. On Thursday, June 1, Crypto.com announced that it has received its Major Payment Institution [MPI] license from the Monetary Authority of Singapore. The official announcement highlighted,
“With this license, Crypto.com can continue to extend its Digital Payment Token (DPT) services to customers in 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
Kris Marszalek, CEO of Crypto.com, asserted that Singapore’s central bank is “recognized globally” as a regulator that “ensures responsible innovation of the digital assets sector.” He added,
“We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”
Crypto.com’s ‘licensure milestone’
Prior to this, Crypto.com had received in-principle approval from the Monetary Authority of Singapore in June last year. Several community members took to Twitter to congratulate the exchange for securing the license finally. In fact, a particular user pointed out that such important regulatory achievements will only make users feel reassured and comfortable. Commenting on the latest development, Chin Tah Ang, General Manager, Singapore of Crypto.com, said,
“The Major Payment Institution license underscores our ongoing commitment to build with the Web3 community in Singapore. Singapore continues to be a hub for blockchain and fintech innovation.”
Steven Kalifowitz, the CMO of the exchange took to Twitter to claim that “builders Keep building and securing licenses.” The latest license grant will help Crypto.com to continue building upon its already “solid foundation of regulatory compliance, security, and privacy.” he said.
In March 2023, Crypto.com revealed that it attained an ‘MVP Preparatory License‘ from Dubai’s Virtual Assets Regulatory Authority. Before that, the exchange received the initial provisional approval from VARA in June 2022. Typically, obtaining a license consists of three stages. They involve getting a provisional permit, a preparatory license, and an operating license.
Crypto.com received its MPI license for e-money issuance, account issuance, cross border, and domestic money transfer services from the MAS in November last year. Parallelly, it has registrations/re-registration undertakings across several other regions including France, South Korea, the U.K., Australia, Italy, Greece, Cyprus, the Cayman Islands, The U.S., and Canada.