Crypto.com completes its licensing process in Singapore
- Crypto.com received an in-principle approval in Singapore last June.
- Coinbase and Blockchain.com are the other exchanges that have received in-principle approval in Singapore.
- Crypto.com has now been awarded Digital Token License in Singapore.
A year after receiving in-principle approval in Singapore, Crypto.com has completed the licensing process.
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 in Singapore, 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.”
Crypto regulation in Singapore
The Monetary Authority of Singapore (MAS) has been brutal and unrelentingly hard on unbecoming behaviour within the crypto industry and passed stringent rules last year setting a high bar for approving companies involved with cryptocurrencies.
Since last year, several cryptocurrency exchanges including Coinbase and Blockchain.com have received in-principle approval in Singapore. Today’s announcement by Crypto.com makes the crypto exchange one of the very few exchanges to receive a license under the new regulations in Singapore.
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