Crypto.com received approval from the Monetary Authority of Singapore to function and provide its services. Three further in-principle approvals have been given by Singapore for its highly sought-after digital payment token (DPT) license, which enables businesses to provide digital assets services.
The Monetary Authority of Singapore (MAS) did not identify the applicants, but the well-known cryptocurrency exchange Crypto.com later revealed that it was one of the recipients in a press release. The license will allow the exchange to establish its services in Singapore.
Deputy Prime Minister Heng Swee Keat made the announcement on Wednesday (Jun 22) in a speech in which he reaffirmed Singapore’s intention to collaborate with blockchain and digital asset players.
The news comes amidst Crypto.com laying off 5% of employees
As of the end of May, MAS had received 196 applications. There are now 108 applications being reviewed; 3 have been declined, and 74 have been withdrawn. Coinhako, DBS Vickers, a trading firm, and Triple-A, a supplier of cryptocurrency payments, are among the licensees.
Heng said that by supporting the benefits of Web3 while minimizing its drawbacks, authorities and the fintech sector would work together to build the ecosystem responsibly.
“We are committed to partner innovative and responsible players to grow the Web 3.0 ecosystem and community in Singapore.”
Heng Swee Keat
Heng’s remarks follow a digital asset market collapse that has caused some firms to go into financial trouble. Policymakers throughout the world have indicated an interest in making their nations into crypto hubs as interest in Web3 technology is at an all-time high.
The role of Singapore as a global hub for Web3 has come under scrutiny in recent months as complaints about how simple it is to get a license have grown. Some people in the sector have suggested Dubai as a more cryptocurrency-friendly option because of its aspirations to become a Web3 hub.