Crypto.com’s Big Win

Hold on to your wallets! Major Singapore-based cryptocurrency exchange Crypto.com has snagged an in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. This isn’t just a fancy title, mind you; it opens the floodgates to a myriad of payment services in the Lion City.

The Approval Announcement

On Wednesday, June 22, Crypto.com took to the digital stage to announce the MAS approval, describing it as a crucial requirement for offering Digital Payment Token services under Singapore’s Payment Services Act. With this stamp of approval, they are ready to jump into Singapore’s bustling fintech playground.

Kris Marszalek’s Words of Wisdom

Kris Marszalek, the co-founder and CEO, couldn’t hide his excitement, stating,

“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval… reflects the trusted and secure platform we have worked diligently to build.”

Sounds like they’re all in on building a trustworthy crypto environment while keeping a close eye on their regulatory homework!

A Quick Dive into the Payment Service Act

Introduced in 2019, the Payment Service Act categorizes financial institutions into small or major players, each bound by legal requirements that ensure they dance along the lines of Anti-Money Laundering and Countering the Financing of Terrorism. No one likes a party crasher, especially when dealing with cryptocurrencies!

Global Aspirations and Investments

This isn’t Crypto.com’s only victory lap. In June, the company also received provisional approval for its virtual asset license from the Dubai Virtual Assets Regulatory Authority. And back in 2021, they were the first to snag Malta’s Class 3 Virtual Financial Assets License—talk about a winning streak!

Recently, Crypto.com rolled out a whopping $100 million accelerator program focused on fast-tracking decentralized finance, Web3, and metaverse projects through its blockchain ecosystem, Cronos. With notable investment partners like Mechanism Capital and Spartan Labs in tow, it’s clear they’re not just playing the crypto game; they’re aiming for the championship!