- Crypto.com receives license from main cost establishment for digital cost token companies in Singapore.
- Crypto.com’s CEO sees MAS as a globally acknowledged regulator that promotes accountable innovation.
- Crypto.com emphasizes its dedication to associate with MAS and lead Singapore’s fintech innovation.
Following preliminary approval in June final yr, the Wall Avenue Journal reported that cryptocurrency alternate Crypto.com had efficiently accomplished the licensing course of in Singapore.
On Thursday, June 1, Crypto.com introduced that it has obtained a Main Cost Establishment (MPI) license from the Financial Authority of Singapore (MAS) for digital cost token (DPT) companies.
Kris Marszalek, CEO of Crypto.com, expressed his appreciation for the Financial Authority of Singapore’s international recognition as a regulator that promotes accountable innovation within the digital asset sector.
Marszalek additionally highlighted his pleasure in receiving a license from a regulatory physique that prioritizes client safety, security and safety. He additionally highlighted the corporate’s dedication to working with MAS and enjoying a number one position within the cryptocurrency house of their house market of Singapore.
In the meantime, Chin Tah Ang, CEO of Crypto.com Singapore, added:
Singapore continues to be a hub for blockchain and fintech innovation.
Ang highlighted the significance of acquiring a license from a significant cost establishment, which reinforces the agency’s sturdy dedication to working with the Web3 group and contributing to the event of Singapore’s blockchain ecosystem.
Final yr, MAS made a robust dedication to cracking down on misconduct within the cryptocurrency trade, strengthening its status as a regulator that maintains excessive requirements when approving corporations. Regardless of this stance, a number of distinguished cryptocurrency corporations similar to Coinbase and Blockchain.com additionally obtained in-principle approval from the regulator throughout the identical interval.
