The primary market regulator in Singapore has given its preliminary clearance for Crypto.com Major Payment Institution License on June 22.
The license, issued by the Singapore Monetary Authority (MAS), allows businesses to provide Singapore customers with a variety of payment services that fall under the Payment Services Act, including digital token services (DPT) services.
Crypto.com founder and CEO Kris Marszalek has expressed satisfaction with the company’s plans for stability in Singapore. He cited Singapore as a successful market for fintech rebranding in the company’s announcement and praised its well-managed business location.
Kris stated:
“The Monetary Authority of Singapore has strong standards for regulation that foster innovation while safeguarding consumers, and their in-principle approval of our application is a testament to the reliable and secure platform we have worked hard to establish.”
The company’s announcement comes just days after Dubai’s regulators granted their first Virtual Asset MVP license. After obtaining a license from the Dubai Virtual Assets Regulatory Authority (VARA), Crypto.com will be able to offer its exchange services to the citizens of Dubai.
Three businesses, including Crypto.com, have been granted formal DPT licensing in Singapore. The Genesis and Sparrow Exchange trading platforms, through a subsidiary of Sparrowtech, have reportedly received regulatory approval.
Singapore has granted licences and basic permits to 14 DPT service providers, including three new entrants. The Singapore Monetary Authority received 196 applications for its DPT licence by the end of May. 108 applications have been submitted so far, 74 have been withdrawn, and three have been rejected.
Read more: Crypto.com donates undisclosed amount to University of Pennsylvania’s Crypto Research Lab
