Crypto.com, a prominent player in the crypto industry, has announced a significant achievement today. The company proudly revealed that it had obtained its Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).
This notable milestone comes after Crypto.com received its in-principle approval from MAS in June 2022. With this newly acquired license, the company can now expand its Digital Payment Token services to customers based in Singapore.
Kris Marszalek, the CEO of the exchange, expressed his delight and praised the Monetary Authority of Singapore for its global recognition as a regulator committed to ensuring responsible innovation within the digital assets sector.
Marszalek stated:
We are proud to receive the license from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of digital asset in our home market of Singapore.”
Singapore has long been acknowledged as a thriving blockchain and fintech innovation hub. Chin Tah Ang, General Manager of Crypto.com in Singapore, emphasized the company’s commitment to the local Web3 community, stating:
The Major Payment Institution license underscores our ongoing commitment to build with the Web3 community in Singapore.
Crypto.com’s Regulatory License Momentum Continues
This recent announcement adds to Crypto.com’s growing collection of regulatory licenses, reflecting the company’s dedication to compliance and responsible operation.
In November 2022, the company received approval for a Major Payment Institution license for e-money issuance, account issuance, and cross-border and domestic money transfer services from the Monetary Authority of Singapore.
Moreover, the exchange gained regulatory approvals in various countries, including Australia, Italy, Greece, Cyprus, the Cayman Islands, and the US. It also submitted a pre-registration undertaking in Canada.
With an impressive array of regulatory licenses and approvals, Crypto.com has positioned itself as a trustworthy and compliant entity within the digital assets industry.
As the company continues to expand its services globally, these licenses serve as a testament to its commitment to consumer protection, security, and responsible innovation.
However, the exchange’s recent accomplishment in securing the Major Payment Institution license for Digital Payment Token services from the Monetary Authority of Singapore solidifies its position as a leading digital asset player. Further, it strengthens its foothold in its home market of Singapore.
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