Crypto.com secures Major Payment Institution license in Singapore News ▸ Singapore ▸ Regulation
Crypto.com secures Major Payment Institution license in Singapore
The Monetary Authority of Singapore has granted official approval of the license after extending an "in-principal" approval last June.
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Updated: Jul. 17, 2023 at 9:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto.com said June 1 that it has secured a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS), the country’s chief financial regulatory body.
This regulatory approval follows an “in-principle” approval granted to the firm by MAS in June 2022.
The new license permits Crypto.com to provide its DPT services to customers in Singapore, offering an essential opportunity to broaden its user base.
Kris Marszalek, CEO of Crypto.com, expressed the company’s commitment to upholding the digital assets sector’s integrity.
Chin Tah Ang, General Manager of Crypto.com’s Singapore operations, reiterated that Singapore continues to be a vital hub for blockchain and fintech innovation.
This regulatory approval follows a series of similar recognitions Crypto.com has secured across various jurisdictions. These 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, and the United States, among others.
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Posted In: Singapore, Regulation
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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