• Crypto.com has completed its licensing process in Singapore and has been awarded a Digital Token License.
• Coinbase and Blockchain.com are the other exchanges that have received in-principle approval in Singapore.
• The Monetary Authority of Singapore (MAS) has passed stringent rules last year setting a high bar for approving companies involved with cryptocurrencies.
Crypto.com Completes Licensing Process in Singapore
Crypto.com has today announced that it has received its Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). Acknowledging this great milestone, Crypto.com’s CEO Kris Marszalek said: “The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector”
In-Principle Approval Received Last June
Crypto.com received an in-principle approval in Singapore last June, becoming one of just a few exchanges to receive such approval under the new regulations set by MAS last year. Other exchanges including Coinbase and Blockchain.com have also received in-principle approval in Singapore.
Strict Rules Set By MAS
MAS have passed stringent rules last year setting a high bar for approving companies involved with cryptocurrencies, requiring them to meet certain standards before being allowed entry into the market. This is part of their effort to ensure responsible innovation within the digital assets sector and maintain trust among customers who use their services.
Benefits Of The Licence
The licence will enable Crypto.com to provide customers with access to greater liquidity, more secure transactions and faster settlement times when using their platform, as well as improved customer support services due to increased oversight from regulators like MAS.
Conclusion
Crypto regulation is an important step towards providing security and protection for users who engage with these platforms, and having achieved this major milestone is testament to how far Crypto.com have come since they first opened their doors back in 2016 and began offering their crypto trading services worldwide