Last Updated on June 1, 2023 by COINBUZZFEED
Crypto.com, a leading cryptocurrency platform, announced today that it has been granted the Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS). This latest milestone comes after Crypto.com received its in-principle approval from MAS in June 2022. With this license, Crypto.com can now offer its Digital Payment Token services to customers in Singapore.
“The Monetary Authority of Singapore is globally recognized for its commitment to responsible innovation in the digital assets sector,” said Kris Marszalek, CEO of Crypto.com. “We are proud to receive this license from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing our collaboration with MAS and leading the way in the crypto industry in our home market of Singapore.”
Singapore has established itself as a major hub for blockchain and fintech innovation. According to Chin Tah Ang, General Manager, Singapore of Crypto.com, “The Major Payment Institution license underscores our ongoing commitment to collaborate with the Web3 community in Singapore.”
This latest announcement adds to Crypto.com’s regulatory license momentum. The company had previously obtained approval in November 2022 for a Major Payment Institution license for e-money issuance, account issuance, cross-border and domestic money transfer services from the Monetary Authority of Singapore. In addition, Crypto.com has achieved several other significant milestones, including registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France, approval as a cryptoasset business from the UK Financial Conduct Authority (FCA), and approval of its MVP Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA).
Crypto.com has also secured various registrations and approvals in Australia, South Korea, Italy, Greece, Cyprus, and the Cayman Islands. Furthermore, the company has received regulatory approval from the US Commodity Futures Trading Commission (CFTC) for its Derivatives Clearing Organization (DCO) and Designated Contracts Markets (DCMs). Additionally, Crypto.com has undertaken a pre-registration process with the Ontario Securities Commission and Canada Securities Administrators.
