Crypto.com Secures In-Principle Approval for a Major Payment Institution License

Crypto.com Secures In-Principle Approval for a Major Payment Institution License

by June 22, 2022

Crypto.com announced today that it has received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS).

Once Crypto.com secures the full license, the crypto exchange will be able to offer a wide range of payment services within the Payment Services Act, including Digital Payment Token (DPT) services to customers in Singapore.

Crypto.com had also recently announced that it has received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA) and plans to launch its cryptocurrency exchange service in Dubai.

Despite securing the two approvals, the crypto exchange has not been immune to the ongoing crypto winter as the firm was forced to lay off about 260 of its employees.

Kris Marszalek

Kris Marszalek

“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.

 

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.”

said Kris Marszalek, Co-Founder and CEO of Crypto.com.