Singapore-based cryptocurrency exchange Crypto.com completed its licensing process with the Monetary Authority of Singapore (MAS) a year after receiving an in-principle approval, the company said in a press release on 1 June.
According to the announcement, the company was able to obtain a major payment institution (MPI) license for digital payment token (DPT) service from the MAS, giving the exchange the authorization to offer its DPT services to customers in Singapore. The crypto exchange was first granted an in-principle approval last June, which allowed it to provide a greater range of payment services in the country. The CEO of Crypto.com, Kris Marszalek, said in a statement:
“The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector. We are proud to receive the licence from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”
Last year, the MAS publicly stated that it plans to be “brutal and unrelentingly hard” on bad behavior in the crypto industry. The agency is responsible for the overall financial industry of the country as it plays the role of Singapore’s central bank and financial regulator, and is also responsible for implementing legislations related to finance, banking, insurance, securities, and more.
Singapore’s MPI license is the latest in a long series of regulatory approvals Crypto.com has gathered over the past years. The crypto exchange has gathered registrations, approvals, and licenses from a regulatory organs in a number of countries and regions, including France, the U.K., Dubai, South Korea, Australia, Italy, Greece, and Cyprus.