The Monetary Authority of Singapore (MAS) has given crypto exchange Crypto.com preliminary clearance for its Major Payment Institution License, this will enable the platform to offer several payment services across the nation.
The clearance from MAS, which is required for providing the Digital Payment Token services within the parameters of Singapore’s Payment Services Act, was announced by Crypto.com on Wednesday, June 22.
Co-founder and CEO of Crypto.com Kris Marszalek reaffirmed the firm’s dedication to working with the MAS in the announcement:
The Monetary Authority of Singapore sets a high regulatory threshold that encourages innovation while safeguarding consumers. Their in-principle approval of our application is a testament to the reliable and secure platform we have worked hard to develop.
We look forward to strengthening our ties to Singapore, a vibrant market for fintech innovation known for its well-regulated business environment, and working with the MAS once more.
The classifications of minor payment institutions and major payment institutions were established by the Payment Service Act, which went into effect in 2019.
The businesses must adhere to a number of regulatory requirements as well as behave in compliance with anti-money laundering and combating the funding of terrorism legislation in order to receive the following licenses.
The Dubai Virtual Assets Regulatory Authority granted Crypto.com’s virtual asset license a provisional approval in June. The exchange received Malta’s Class 3 Virtual Financial Assets License back in 2021, making it the first bitcoin business to do so.
The company recently saw the introduction of a $100 million accelerator program to hasten the development of Web3, metaverse, and decentralized financial technologies.
Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks are some of the well-known investment partners supporting the Cronos Accelerator Program.
