Singapore-based cryptocurrency exchange platform, Crypto.com, has received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore.
Once granted, the licence will permit the platform to offer various payment services contained under the Payment Services Act, such as Digital Payment Token (DPT) services, to customers in Singapore.
“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,” Crypto.com co-founder and chief executive Kris Marszalek said in a statement.
“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.”
A further testament to the platform’s expansion and growth plans is its recent announcement that it has been granted provisional approval from the Dubai Virtual Assets Regulatory Authority (VARA) for its Virtual Asset MVP License to launch a crypto exchange service.