Crypto.com Secures License for Digital Payment Token Services in Singaporeby Fintech News Singapore June 1, 2023
Crypto.com, a leading cryptocurrency platform, has announced 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 development follows Crypto.com’s previous in-principle approval from MAS in June 2022. The issuance of this license enables Crypto.com to continue offering its Digital Payment Token services to customers in Singapore.
Kris Marszalek, the CEO of Crypto.com, expressed his satisfaction with the recognition received from the globally renowned regulator, the Monetary Authority of Singapore. Kris highlighted the regulator’s dedication to responsible innovation within the digital assets sector. He stated,
“We are proud to receive the license from a regulator that places a high emphasis on consumer protection, safety, and security. We eagerly anticipate maintaining our collaboration with MAS and leading the way in the crypto industry within our home market of Singapore.”
Chin Tah Ang, the General Manager of Crypto.com in Singapore, emphasised the city-state’s role as a thriving hub for blockchain and fintech innovation. He said,
“The Major Payment Institution licence underscores our ongoing commitment to build with the Web3 community in Singapore.”
In recent months, Crypto.com has achieved several significant license approvals. Notably, in November 2022, the platform received approval for another MPI license from MAS, allowing it to provide services such as e-money issuance, account issuance, cross-border and domestic money transfers in Singapore.
Crypto.com’s latest license acquisition solidifies its position within the cryptocurrency ecosystem in Singapore, bolstering its ability to offer a broader range of services to customers in Singapore.