Crypto.com Licensed in Singapore: Digital Token Exchange Ready to Go!

• Crypto.com has completed its licensing process in Singapore after having obtained in-principle approval last June
• The exchange has now received a Major Payment Institution (MPI) licence for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS)
• A number of prominent crypto companies, including Coinbase and Blockchain.com have also received in-principle approval from the regulator

Crypto Exchange Receives Licence in Singapore

Cryptocurrency exchange Crypto.com has completed its licensing process in Singapore after having obtained in-principle approval in the city state last June. Crypto.com has now received its Major Payment Institution (MPI) licence for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).

Singapore Sets High Bar For Crypto Companies

The MAS pledged to be “brutal and unrelentingly hard” on bad behavior in the crypto industry last year, firming its reputation as a regulator that sets a high bar for approving companies. Nevertheless, a number of prominent crypto companies, including Coinbase and Blockchain.com also received in-principle approval from the regulator in the last year.

CEO’s Statement On Licensing Process

Crypto.com’s CEO Kris Marszalek said: “The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector.”

Temasek Cautions In Crypto Space After FTX Nightmare

Read More: Singapore’s Temasek to Exercise Caution in Crypto Space After FTX Nightmare

Conclusion

Crypto exchange Crypto.com has successfully gained regulatory approval with its Major Payment Institution (MPI) licence for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). Despite setting a high bar for approving other crypto companies, MAS still gave other notable exchanges such as Coinbase and Blockchain.com an initial green light to operate within their jurisdiction too