By obtaining a license for services involving digital payment tokens, Singapore’s Crypto.com broadens its regulatory accomplishments.
The Monetary Authority of Singapore (MAS) granted the Singapore-based cryptocurrency exchange Crypto.com a major payment institution (MPI) license for digital payment token (DPT) services on June 1.
The declaration follows MAS’s in-principle approval of Crypto.com in June 2022. Crypto.com has been authorized to provide its DPT services to consumers in Singapore owing to the MPI license.
Singapore’s central bank and main financial regulatory body is the Monetary Authority of Singapore. It is in charge of regulating and carrying out laws pertaining to money, banking, insurance, securities, and the entire financial sector, including the issuance of money.
The most recent announcement strengthens Crypto.com’s record of successfully obtaining regulatory licenses. The exchange has also received registration as a provider of digital asset services from the Autorité des Marchés Financiers in France and as a company dealing in crypto assets from the Financial Conduct Authority of the United Kingdom.
Additionally, the Dubai Virtual Assets Regulatory Authority provided Crypto.com authorization to proceed with the licensing of its minimal viable product, and it registered under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider in South Korea.
The company also obtained approval for registration with the Australian Transaction Reports and Analysis Centre as an independent remittance dealer and provider of digital currency exchange services in Australia, as well as an Australian financial services license and an Australian credit license from the Australian Securities and Investments Commission.
The regulatory achievements of Crypto.com further include registration with the Securities and Exchange Commission of Cyprus, the Organismo Agenti e Mediatori of Italy, and the Hellenic Capital Market Commission of Greece.
The cryptocurrency exchange has also recently expanded its user base in the United States by allowing users to use more than 30 cryptocurrencies to make purchases through its app from a selection of more than 150 well-known consumer brands. This feature was made available on May 31.