Crypto.com, a prominent cryptocurrency platform, announced on June 1st that it has successfully obtained a Major Payment Institution (MPI) license for its Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS), the primary financial regulatory body in the country.
This recent regulatory approval comes after receiving an initial “in-principle” approval from MAS in June 2022. The newly acquired license allows Crypto.com to offer its DPT services to customers in Singapore, presenting a valuable opportunity to expand its user base in the region. Kris Marszalek, the CEO of Crypto.com, emphasized the company’s commitment to maintaining the integrity of the digital assets sector.
Chin Tah Ang, the General Manager of Crypto.com’s operations in Singapore, further highlighted Singapore’s continued significance as a crucial hub for blockchain and fintech innovation.
This approval in Singapore adds to a series of similar regulatory recognitions that Crypto.com has achieved in various jurisdictions. These achievements include licenses for e-money issuance, account issuance, cross-border and domestic money transfer services from MAS, registration as a Digital Asset Service Provider (DASP) in France, approval as a crypto asset business in the UK, licensing from the Dubai Virtual Assets Regulatory Authority (VARA), and other regulatory approvals in South Korea, Australia, Italy, Greece, Cyprus, the Cayman Islands, the United States, and several others.
