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Crypto.com receives regulatory nod in Singapore

The central theses

  • The Monetary Authority of Singapore has granted Crypto.com approval in principle.
  • The company has yet to obtain a license to expand its payment services in the country.
  • Crypto.com’s Cronos token is yet to react to the recent news and continues to consolidate.

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Singapore-based cryptocurrency exchange Crypto.com has announced the first approval of a license that will allow the company to expand its financial services in the city-state.

Crypto.com receives approval in Singapore

Crypto.com is getting closer to offering more payment services to customers in Singapore.

Crypto.com received approval in principle for its Major Payment Institution License from Singapore authorities on Wednesday, the first of many regulatory endorsements the exchange needs to expand its services in the Asian nation. Obtaining this license enables Crypto.com to operate under the Payment Services Act and to offer Digital Payment Token (DPT) services to customers in Singapore.

Crypto.com CEO and co-founder Kris Marszalek confirmed that the exchange is working with the Monetary Authority of Singapore (MAS) to improve the market for fintech innovation. The couple’s goal is to grow the Web 3.0 ecosystem and community in Singapore with the help of local regulators. Marszalek believes in the “high regulatory barrier” put in place by the MAS to encourage innovation while protecting consumers.

This is the second milestone Crypto.com has reached in the past few months in expanding its operations. The cryptocurrency exchange also recently announced that it has received preliminary approval for its Virtual Asset MVP license from the Dubai Virtual Assets Regulatory Authority. Crypto.com plans to launch cryptocurrency trading services in Dubai later this year after the city enacted new crypto laws in March.

Cronos token shows ambiguity

Crypto.com’s native Cronos token has yet to respond to the recent news. It continues to consolidate within a parallel channel on its four-hour chart, showing ambiguity. Although the outlook remains unclear, technical indicators show two key CRO price levels to watch out for.

The $0.12 resistance level is the biggest hurdle Cronos will have to clear to print higher highs. CRO has made several unsuccessful attempts to breach this supply zone over the past week. Because of this, an upward momentum pushing the token above this level could generate enough momentum for a breakout towards $0.135 or even $0.15.

Crypto.com CRO Cronos price chart
CRO/USD four hour chart. Source: TradingView

Still, paying attention to the $0.11 support level is imperative. A sustained four-hour close below this demand zone could encourage traders to exit their long positions to prevent further losses. A surge in selling pressure could then push the CRO towards $0.10.

Disclosure: At the time of writing this article, the author of this article owned BTC and ETH.

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