Crypto.com Makes Waves in Singapore’s Financial Scene
On June 1, the ever-evolving world of cryptocurrency witnessed a significant milestone as Singapore’s own Crypto.com was officially awarded a major payment institution (MPI) license for its digital payment token (DPT) services by the Monetary Authority of Singapore (MAS). This marks a momentous achievement for the exchange, signaling its commitment to complying with regulatory standards while expanding its offerings in the Lion City.
A Beautiful Relationship with MAS
For those keeping track, this update follows last year’s in-principle approval from MAS in June 2022. With the MPI license now under its belt, Crypto.com can legally roll out DPT services to its Singapore-based customers. Looks like Crypto.com is officially on the regulatory nice list!
The Role of the Monetary Authority of Singapore
Understanding the backdrop of this golden ticket requires a closer look at MAS itself. As Singapore’s central bank and regulator, MAS is the gatekeeper of all things financial—from money to banking, insurance, and even the securities market. Essentially, if you want to exchange digital assets in Singapore, first you need to have a chat with MAS!
A Globetrotter in Regulatory Approvals
Crypto.com isn’t just resting on its laurels; the exchange has impressively amassed a series of approvals across the globe. Here’s a shortlist of their regulatory array:
- Registration as a digital asset service provider in France.
- Crypto asset business status with the UK’s Financial Conduct Authority.
- Prep license from Dubai’s Virtual Assets Regulatory Authority.
- Multiple registrations in South Korea, Australia, Italy, Greece, and Cyprus.
With such a robust international presence, Crypto.com is clearly positioning itself as a key player in the global crypto landscape.
Expanding the User Experience in the U.S.
In a strategic move to broaden its user base, Crypto.com recently implemented a new feature for its American customers. As of May 31, users can now utilize over 30 cryptocurrencies to make purchases with a range of over 150 recognized consumer brands, all through its user-friendly app. Talk about a shopping spree!
In Conclusion
The recent MPI license awarded to Crypto.com by MAS underscores not only the exchange’s commitment to regulatory compliance but also its ambitions to grow effectively in Asia. With ample regulatory achievements already in the bag, Crypto.com has set itself up as a formidable contender in the bustling world of cryptocurrency exchanges.
+ There are no comments
Add yours