Crypto.com gets approval to offer payment services from Singapore regulator

By: Benson Toti
Benson Toti
Benson is passionate about emerging technologies and believes in the transformative power of truth. When not covering crypto and… read more.
on Jun 22, 2022
  • Crypto.com has secured an “in-principle” approval for a license from the Monetary Authority of Singapore.
  • The license will allow the exchange to offer ‘a range of payment services’ to customers.
  • Crypto.com CEO Kris Marszalek says the platform will seek further collaboration with Singapore authorities.

Major cryptocurrency exchange Crypto.com has received “in-principle” regulatory approval from the Monetary Authority of Singapore (MAS) and will soon offer payment services to customers in the country.

Crypto.com announced this on Wednesday, 22 June, stating that MAS had approved the platform’s application for the Major Payment Institution License.

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Crypto.com will offer digital payment token services

The license will allow the crypto exchange to offer payment services, including Digital Payment Token (DPT), with operations conducted within the law as provided for in the Payment Services Act.

Kris Marszalek, co-founder and CEO of Crypto.com said in a statement:

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.

He added that Crypto.com will pursue further collaboration with MAS as it looks to expand its services in Singapore.

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 MAS approval comes just weeks after Crypto.com landed provisional approval for the Virtual Asset MVP License from Dubai’s Virtual Asset Regulatory Authority (VARA).

The platform, which has seen its customer base grow to over 50 million users worldwide, is eyeing further expansion in Dubai via a cryptocurrency exchange.

Recently, the exchange expanded its services to the United States.

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