The Monetary Authority of Singapore Grants Major Payment Institution Licence to Crypto.com

Today, the Monetary Authority of Singapore (MAS) granted Crypto.com its Major Payment Institution (MPI) licence for the provision of Digital Payment Token (DPT) services. This statement comes after MAS granted Crypto.com its in-principle clearance in June 2022. With the help of this licence, Crypto.com may keep offering consumers in Singapore its Digital Payment Token (DPT) services.

“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 licence from a regulator that prioritizes 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.”

“Singapore continues to be a hub for blockchain and fintech innovation,” said Chin Tah Ang, General Manager, Singapore of Crypto.com. “The Major Payment Institution licence underscores our ongoing commitment to build with the Web3 community in Singapore.”

This recent announcement continues Crypto.com’s regulatory licence progress, having earned approval in November 2022 for a Major Payment Institution licence for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore; registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France; registration approval as a cryptoasset business from the UK Financial Conduct Authority (FCA); approval of its MVP Preparatory Licence from the Dubai Virtual Assets Regulatory Authority (VARA); Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea; registration approval as a Digital Currency Exchange Provider and Independent Remittance Dealer in Australia by AUSTRAC; an Australian Financial Services Licence and Australian Credit Licence from the Australian Securities and Investments Commission (ASIC); registration in Italy from the Organismo Agenti e Mediatori (OAM); registration in Greece from the Hellenic Capital Market Commission; registration in Cyprus from the Securities and Exchange Commission; regulatory approval from the Cayman Islands Monetary Authority; a US Commodity Futures Trading Commission (CFTC) regulated Derivatives Clearing Organization (DCO) and two Designated Contracts Markets (DCMs); and a pre-registration undertaking with the Ontario Securities Commission and Canada Securities Administrators, among others.