Crypto.com Wins Coveted Singapore License, Here’s What It Means

Nidhish Shanker
June 22, 2022
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Crypto-Singapore

The Monetary Authority of Singapore granted in-principle approval to Crypto.com and three other crypto companies. Crypto.com, Genesis and Sparrow Tech join the other 11 crypto firms that were granted the same approval last month.

Crypto.com received the in-principle approval for its Major Payment Institution License.

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What The Approval Means For Crypto.com

In a statement put out by Crypto.com, they claim that this license, once granted, will allow the crypto firm to offer a range of payment services. This service will also include Digital Token Payment services to customers in Singapore. 

Under the Payment Services Act, any entity that wants to provide any type of payment services in Singapore needs to first get a suitable license. The type of license depends upon the risk and scope of the services provided and is granted by MAS. Crypto.com’s Major Payment Institution License allows it to offer payment services without being subject to any thresholds.

Kris Marszalek, Co-Founder and CEO of Crypto.com, called Singapore a flourishing fintech market and hoped to expand its roots there in collaboration with MAS.

Crypto.com also recently received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority.

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Flourishing Crypto Environment In Singapore

Singapore has been at the forefront of the crypto innvovation.

Singapore’s Deputy Prime Minister, Heng Swee Keat, said that Singapore is keen to partner with blockchain and digital assets players. Talking at the Point Zero Forum in Zurich, Swee Keat reaffirmed his intent to partner with responsible players in the Web 3.0 community.

In the same vein, Genesis and Sparro Tech also received their licenses from MAS.

Last month, 11 other crypto firms including Paxos, Triple A, and Hodlnaut also received their licenses from MAS. Chintai, a Singapore-based blockchain company received its Capital Markets Services License. 

Tonight is also the first day of Crypto Expo Asia, which is happening in Singapore. Whether Singapore can become a hub of crypto innovation, only time will tell. 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society's biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.