Major Singapore-based cryptocurrency alternate Crypto.com obtained in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. The license will let the platform present a spread of fee providers within the nation.
On Wednesday, June 22, Crypto.com introduced the approval from MAS, which is important for providing the Digital Payment Token providers inside the framework of Singapore’s Payment Services Act.
In the announcement, Kris Marszalek, co-founder and CEO of Crypto.com, confirmed the corporate’s dedication to collaborating with the MAS:
“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. 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.”
The Payment Service Act got here into power in 2019, introducing the classes of small fee establishments and main fee establishments. In order to acquire the next licenses, the enterprises are obliged to adjust to numerous authorized calls for, in addition to act in accordance with anti-money laundering and countering the financing of terrorism laws.
Related: Why Singapore is without doubt one of the most crypto-friendly international locations
In June, Crypto.com reported the provisional approval of its digital asset license by the Dubai Virtual Assets Regulatory Authority. Back in 2021, the alternate grew to become the primary cryptocurrency firm to obtain Malta’s Class 3 Virtual Financial Assets License.
Recently the corporate noticed a launch of a $100 million accelerator program to fast-track decentralized finance, Web3 and metaverse tasks by its blockchain ecosystem, Cronos. Some of the outstanding funding companions backing the Cronos Accelerator Program embody Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and Dorahacks.