Crypto.com Granted Major Payment Institution License in Singapore
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
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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.
- Germany’s largest bank will use Taurus’ custody and tokenization technology to manage the cryptocurrencies, tokenized assets, and digital assets of its clients.
- Deutsche Bank was one of a few companies to participate in Taurus’ $65 million Series B fundraising round back in February, which was led by Credit Suisse.
Deutsche Bank headquarters in Beijing, China on April 3, 2019. Shutterstock
- The requirement to deposit customer assets into a statutory trust comes as a result of a MAS public consultation from October 2022 focused on reducing risk in crypto trading.
- Singapore’s central bank also restricted crypto firms from facilitating lending and staking to retail customers, though the services are still available to institutional clients.
- The new license allows Bybit to offer its full suite of crypto services to users from the third most populous island in the Mediterranean Sea.
- It not only helped the exchange expand its global presence, but also showed its commitment to compliance with local rules.