• The Monetary Authority of Singapore (MAS) has granted Crypto.com a Major Payment Institution (MPI) licence to provide Digital Payment Token (DPT) services.
• This follows the in-principle clearance given by MAS in June 2022.
• This licence is part of Crypto.com’s ongoing commitment to work with regulators and build with the Web3 community in Singapore.
Monetary Authority of Singapore Grants Licence to Crypto.com
The Monetary Authority of Singapore (MAS) has granted Crypto.com its Major Payment Institution (MPI) licence for the provision of Digital Payment Token (DPT) services, following an in-principle clearance given by MAS in June 2022. With the help of this licence, Crypto.com may keep offering consumers in Singapore its Digital Payment Token (DPT) services.
Crypto.com’s Regulatory Progress
This recent announcement continues Crypto.com’s regulatory licence progress, having earned approval from various authorities including: the UK Financial Conduct Authority; the Autorité des marchés financiers in France; and AUSTRAC in Australia; as well as registrations from other countries such as South Korea, Italy, Greece, Cyprus and Cayman Islands Monetary Authority; and US Commodity Futures Trading Commission approval for its MVP Preparatory Licence from Dubai Virtual Assets Regulatory Authority(VARA).
Crypto CEO’s Comments
Kris Marszalek, CEO of Crypto.com has expressed his pride at receiving a license from a regulator that prioritizes consumer protection safety and security: “The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector…We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”
Chin Tah Ang’s Comments
Chin Tah Ang, General Manager for Singapore also said: “Singapore continues to be a hub for blockchain and fintech innovation…The Major Payment Institution licence underscores our ongoing commitment to build with the Web3 community in Singapore.”
Conclusion
Crypto.com’s MPI license shows their on-going commitment to work with regulators across multiple countries whilst building up an active presence within their home market – making it easier for consumers within Singapore access secure DPT services