Should the license be eventually granted, Crypto.com will be able to expand its product and service offerings in Singapore as it will be able to offer a range of payment services within the Payment Services Act, including Digital Payment Token (DPT) services to customers in the country.
Crypto.com has largely maintained a good pace with keeping tabs with regulators around the world, particularly the Monetary Authority of Singapore, known for its strict scrutiny of crypto service firms.
“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build,” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore – a flourishing market for fintech innovation, renowned for its well-regulated business environment.”
With the potential Payment Institution License, Crypto.com will have more authority to operate like a fintech in Singapore rather than just a cryptocurrency exchange. The trading platform seems to have a way with the regulators compared to other trading platforms like Binance Exchange and Coinbase Global, both of whom have withdrawn from a review process designed to grant them a license to operate within the region.
In its global expansion drive, Crypto.com has also secured the provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA). With this license, the exchange plans to float a new cryptocurrency trading platform in Dubai to connect more with users in the Middle East and North Africa.
According to local media coverage the Strait Times, digital currency broker Genesis and digital assets solutions firm Sparrow also get the permission from the MAS.
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