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Crypto.com receives approval in principle from Singapore’s MAS

Crypto.com, a provider of cryptocurrency services, recently confirmed that the company has received approval in principle for its Major Payment Institution License from the Monetary Authority of Singapore (MAS).

Once granted, the license will enable the digital asset services provider to offer a wide range of payment services in the region under the Payment Services Act. The offering includes Digital Payment Token (DPT) services for customers in the country.

Crypto.com’s latest announcement comes almost two weeks after the company received preliminary approval for its Virtual Asset MVP license from regulators in Dubai. Additionally, Crypto.com plans to increase its presence in the United Arab Emirates.

“The Monetary Authority of Singapore sets a high regulatory bar that encourages innovation while protecting consumers, and their approval in principle of our application reflects the trusted and secure platform we have worked diligently to build,” said Kris Marszalek, who Co-founder and CEO of Crypto.com. “We look forward to continuing to work with MAS and deepening our roots in Singapore, a thriving market for fintech innovation known for its well-regulated business environment.”

Crypto.com recently signed a sponsorship deal with FIFA for the 2022 World Cup.

Crypto Regulations

While the digital asset market is going through a rough time, regulators around the world have started to introduce innovation-driven regulations to help companies offer crypto services under regulated infrastructures. In March 2022, Sygnum Singapore received approval in principle from MAS to perform additional services under its CMS license.

In May 2022, Binance, one of the largest cryptocurrency exchanges in the world, received approval from regulators in France and Italy to offer digital asset services in the regions. In the same month, Binance Bahrain became the first cryptocurrency service provider to hold a full Category 4 license. The company received the license from the Central Bank of Bahrain (CBB).

Crypto.com, a provider of cryptocurrency services, recently confirmed that the company has received approval in principle for its Major Payment Institution License from the Monetary Authority of Singapore (MAS).

Once granted, the license will enable the digital asset services provider to offer a wide range of payment services in the region under the Payment Services Act. The offering includes Digital Payment Token (DPT) services for customers in the country.

Crypto.com’s latest announcement comes almost two weeks after the company received preliminary approval for its Virtual Asset MVP license from regulators in Dubai. Additionally, Crypto.com plans to increase its presence in the United Arab Emirates.

“The Monetary Authority of Singapore sets a high regulatory bar that encourages innovation while protecting consumers, and their approval in principle of our application reflects the trusted and secure platform we have worked diligently to build,” said Kris Marszalek, who Co-founder and CEO of Crypto.com. “We look forward to continuing to work with MAS and deepening our roots in Singapore, a thriving market for fintech innovation known for its well-regulated business environment.”

Crypto.com recently signed a sponsorship deal with FIFA for the 2022 World Cup.

Crypto Regulations

While the digital asset market is going through a rough time, regulators around the world have started to introduce innovation-driven regulations to help companies offer crypto services under regulated infrastructures. In March 2022, Sygnum Singapore received approval in principle from MAS to perform additional services under its CMS license.

In May 2022, Binance, one of the largest cryptocurrency exchanges in the world, received approval from regulators in France and Italy to offer digital asset services in the regions. In the same month, Binance Bahrain became the first cryptocurrency service provider to hold a full Category 4 license. The company received the license from the Central Bank of Bahrain (CBB).

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