The cryptocurrency exchange will get a Major Payment Institution License from the country’s top financial regulator.
Major Singapore-based cryptocurrency exchange Crypto.com received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. The license will let the platform provide a range of payment services in the country.
On Wednesday, June 22, Crypto.com announced the approval from MAS, which is necessary for offering the Digital Payment Token services within the framework of Singapore’s Payment Services Act.
In the announcement, Kris Marszalek, co-founder and CEO of Crypto.com, confirmed the company’s commitment to collaborating with the MAS:
“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. 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.”
The Payment Service Act came into force in 2019, introducing the categories of small payment institutions and major payment institutions. In order to obtain the following licenses, the enterprises are obliged to comply with a number of legal demands, as well as act in accordance with anti-money laundering and countering the financing of terrorism legislation.
Related: Why Singapore is one of the most crypto-friendly countries
In June, Crypto.com reported the provisional approval of its virtual asset license by the Dubai Virtual Assets Regulatory Authority. Back in 2021, the exchange became the first cryptocurrency company to receive Malta’s Class 3 Virtual Financial Assets License.
Recently the company saw a launch of a $100 million accelerator program to fast-track decentralized finance, Web3 and metaverse projects by its blockchain ecosystem, Cronos. Some of the prominent investment partners backing the Cronos Accelerator Program include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and Dorahacks.