Crypto.com has secured a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).
This license will enable Crypto.com to continue offering its DPT services, including e-money issuance, account issuance, and money transfers, to customers in Singapore.
MAS grants the MPI license as regulatory approval to provide payment services in Singapore. The MAS is a globally recognized regulator that ensures responsible innovation in the digital asset sector and protects consumers, safety, and security.
The MPI license encompasses various payment services, including DPT services, which involve dealing in or facilitating the exchange of cryptocurrencies and non-fungible tokens (NFTs).
Any holder of an MPI license must also comply with stringent anti-money laundering and counter-terrorism financing regulations.
The Future of Digital Assets in Singapore
The MPI license is a sign of Crypto.com’s commitment to its home market in Singapore, which has operated since 2016.
Kris Marszalek, CEO of Crypto.com, stated:
“We are proud to receive the license 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.”
The MPI license also reflects Crypto.com’s commitment to the shared principles of the MAS, including consumer protection, safety, and security.
General Manager of Crypto.com Chin Tah Ang stated,
“Singapore continues to be a hub for blockchain and fintech innovation. The Major Payment Institution license underscores our ongoing commitment to build with the Web3 community in Singapore.”
The MPI license will enable Crypto.com to continue to offer its DPT services to customers in Singapore, including e-money issuance, account issuance, and money transfers.
This will give users more options and ease of crypto and NFT market access.
The MPI license will also enhance Crypto.com’s reputation as a trusted and secure platform for trading or facilitating the exchange of cryptocurrencies and NFTs.
This will attract more users and investors who value regulatory compliance and consumer protection.
This license will also support Crypto.com’s vision of Cryptocurrency in Every Wallet™. Through its commitment to innovation and empowerment, Crypto.com is accelerating cryptocurrency adoption and fostering a more equitable digital ecosystem.
