Today, the Monetary Authority of Singapore (MAS) granted Crypto.com its Major Payment Institution (MPI) license for the provision of Digital Payment Token (DPT) services. This was announced via a press release by the company, stating that it is yet another important milestone in its drive for widespread cryptocurrency adoption.
This statement comes after MAS granted Crypto.com its in-principle clearance in June 2022. Crypto.com is now able to offer its Digital Payment Token (DPT) services to clients in Singapore thanks to this license.
MAS as a regulator of global repute
Kris Marszalek, CEO of Crypto.com, acknowledged that The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector.
He added that Crypto.com is honored to have been granted a license by a regulatory body that places a high value on consumer protection, security, and safety. Marszalek said that his company is looking forward to advancing the use of cryptocurrency in Singapore and working with MAS down the line.
“We are proud to receive the licence from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”
A fintech hub
The General Manager of Crypto.com Singapore, Chin Tah Ang, stated that Singapore has been a hub for financial services innovation. He said that the Major Payment Institution license demonstrates Crypto.com’s dedication to working with Singapore’s Web3 community.
This is coming after the company received approval in November 2022 for a Major Payment Institution license from the Monetary Authority of Singapore for e-money issuance, account issuance, cross-border, and domestic money transfer services; registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France; and registration approval as a cryptoasset business from the UK Financial Conduct Authority. The latest license by MAS is an illustration of Crypto.com’s recurrent license momentum.
Other regulatory accomplishments
Other milestones accomplished by the company in recent months are, the Registration under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider in South Korea; approval for registration as a Digital Currency Exchange Provider and Independent Remittance Dealer by AUSTRAC; an Australian Financial Services Licence and an Australian Credit Licence from the Australian Securities and Investments Commission (ASIC) and registration from the Organismo Agenti e Mediatori (OAM) in Italy.
This is not overlooking registration from the Hellenic Capital Markets Association in Greece; and registration from the Electronic Financial Transaction Act and Virtual Asset Service.