Top crypto trading platform Crypto.com has received what it describes as a major Payment Institution (MPI) License from the Monetary Authority of Singapore. In a blog post on 1 June, the exchange said the license is for Digital Payment Token (DPT) services.
The platform will now continue to extend its Digital Payment Token (DPT) services to customers in Singapore, where it has its global headquarters.
“The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector,” said Kris Marszalek, CEO of Crypto.com.
“We are proud to receive the license from a regulator prioritising 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,” he added.
Crypto.com is a crypto exchange known for its strict compliance with the regulatory standards of the countries where it operates. It has over 80 million users worldwide, who enjoy the high security and privacy that the platform provides.
The company’s primary aim is to make financial services available to all by facilitating crypto adoption, and this license is a big step towards achieving this. MAS issued an in-principle or preliminary license in June last year but is giving a full license to the crypto giant this time.
Indeed, Singapore has been a crypto hub over the years, and this license further demonstrates its commitment to the industry.
“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,” said Chin Tah Ang, General Manager of Singapore of Crypto.com.
Crypto.com has a number of other licenses it secured before now. It had in November 2022 obtained a Major Payment Institution license for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore.
Similarly, the Autorité des marchés financiers (AMF) in France licensed the company as a Digital Asset Service Provider (DASP) in September 2022. It also has business licenses from the UK Financial Conduct Authority (FCA) and the Dubai Virtual Assets Regulatory Authority (VARA), to name a few.