Crypto.com Makes Waves with MPI License Acquisition
On June 1, Crypto.com, the Singapore-based cryptocurrency exchange, announced they hit a significant milestone by being granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This development allows Crypto.com to offer digital payment token (DPT) services in Singapore, marking a new chapter in their regulatory journey.
Singapore’s Financial Regulatory Landscape
The MAS isn’t just another regulatory body; it’s essentially Singapore’s financial heavyweight, overseeing everything from the issuance of currency to the nitty-gritty of banking and securities. The MPI license is a critical credential for Crypto.com, especially after receiving in-principle approval back in June 2022. It shows that they haven’t been sitting idle while waiting for the magic stamp of approval.
A Track Record of Regulatory Wins
Crypto.com isn’t just stopping at Singapore. The exchange has been on a licensing spree, collecting regulatory accolades like kids collect Pokémon cards. Here’s a rundown of their impressive haul:
- Registration as a digital asset service provider in France
- Crypto asset business license in the UK
- Minimal viable product preparatory license in Dubai
- Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea
- Digital currency exchange provider registration in Australia, along with financial services licenses
- Approval from regulators in Italy, Greece, and Cyprus
Expanding Horizons in the U.S.
Not one to rest on its laurels, Crypto.com has also recently enhanced its offerings in the United States. On May 31, it rolled out a feature allowing users to spend over 30 cryptocurrencies at more than 150 popular consumer brands straight from its app. Talk about convenience!
What’s Next for Crypto.com?
With a growing list of regulatory approvals and a commitment to expanding its services globally, the future looks bright for Crypto.com. They’re poised to shake things up in the crypto landscape, proving that they’re not just another exchange but a serious player in the cryptocurrency arena.
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