The leading cryptocurrency exchange, Crypto.com, has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services in Singapore.
MAS has given Crypto.com in-principle approval for its Major Payment Institution License. This license is required to provide Digital Payment Token services as well as many other payment services under Singapore’s Payment Services Act.
According to reports, two more firms, Genesis and Sparrow Tech, have received in-principle approvals.
Deputy Prime Minister Heng Swee Keat, who reiterated Singapore’s desire to collaborate with blockchain and digital-asset players, announced the move in a speech.
“We must continue to build trust through regulatory guardrails while encouraging innovation and realizing gains.”
The Crypto Times reported in late March that Crypto.com announced its regional bases in Dubai during the Investopia Summit after receiving provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA).
Kris Marszalek, Co-Founder and CEO of Crypto.com said, “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.”
