Crypto.com scores approval from Singapore finance regulators

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Singapore-based Crypto.com has received preliminary approval from the Monetary Authority of Singapore (MAS) for a major payment institution license. The license will allow the platform to offer a range of payment services in the country.

On Wednesday, June 22nd, Crypto.com announced the approval from MAS, which is required to provide digital payment token services under Singapore’s Payment Services Act.

In the announcement, Chris Marsalek, co-founder and CEO of Crypto.com, emphasized the company’s commitment to collaborating with MAS:

“The Monetary Authority of Singapore sets a high regulatory standard that nurtures innovation while protecting consumers, and their agreement in principle to our implementation reflects the trusted and secure platform we have worked so hard to build. We look forward to continuing our collaboration with MAS and deepening our roots in Singapore – a thriving market for technology innovation. Finance, is known for its well-regulated business environment.”

The Payment Service Act entered into force in 2019, introducing the categories of small and large payment organizations. To obtain the following licenses, companies are required to comply with a number of legal demands as well as act in accordance with anti-money laundering and terrorist financing legislation.

Related Topics: Why Singapore Is One of the Most Crypto Friendly Countries

In June, Crypto.com reported the provisional approval of a virtual asset license by the Virtual Asset Regulatory Authority in Dubai. In 2021, the exchange became the first cryptocurrency company to obtain a Class 3 virtual financial asset license from Malta.

The company recently saw the launch of a $100 million acceleration program to accelerate decentralized finance, Web3 and metaverse projects through its blockchain ecosystem, Cronos. Notable investment partners supporting the Cronos Accelerator program include: Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks.

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