Crypto.com will provide services under the Payment Services Act.
Crypto.com has more than a million users globally.
Today Crypto.com announced that The Monetary Authority of Singapore (MAS) has given its Major Payment Institution License preliminary approval to Crypto.com.
Crypto.com is the fastest-growing exchange platform that got Principle Authorization approval from The Monetary Authority of Singapore. It has more than 50 million users globally.
Crypto.com Global Expansion
Once permission is granted, this license will allow Crypto.com to provide users in Singapore with different kinds of payment operations under the Payment Services Act, including services for Digital Payment Tokens (DPT).
Crypto.com Co-Founder and CEO Kris Marszalek said
We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore a flourishing market for fintech innovation, renowned for its well-regulated business environment.
Marszalek stated that The Monetary Authority of Singapore has strict regulations that encourage innovation while safeguarding users. Their in-principle approval of the Crypto.com application is a testament to the reliable and secure platform.
Additionally, Crypto.com stated that it would be launching its cryptocurrency exchange service in Dubai after receiving provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA).