Crypto.com scores approval from Singapore finance regulators

The ongoing turmoil in the crypto market has done little to stop the world’s fastest-growing cryptocurrency platform Crypto.com from making great strides.

Today, Crypto.com announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. Once granted, the license will allow the digital asset services provider to offer a broad range of payment services in the region under the Payment Services Act. The offering will include Digital Payment Token (DPT) services to clients in the country.

The announcement comes just about two weeks after the company received provisional approval for its Virtual Asset MVP License from the regulatory authorities in Dubai. Additionally, Crypto.com is planning to enhance its presence in the UAE.

“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,” said Kris Marszalek, the Co-Founder and CEO of Crypto.com. “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.”

We covered Crypto.com back in March after the crypto exchange startup inked an exclusive sponsorship deal with FIFA World Cup. As part of the deal, Singapore-based Crypto.com will be the exclusive cryptocurrency trading platform for the 2022 Qatar World Cup, which runs from November 21 to December 18.

Crypto.com continues to actively grow and expand its ecosystem, with more than 50 million users worldwide. Crypto.com also recently announced that it has received provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA) and plans to launch its cryptocurrency exchange service in Dubai.

Founded in 2016, Singapore-based Crypto.com is a pioneer of payments and cryptocurrency with a mission to accelerate the world’s transition to cryptocurrency. The startup is working towards this goal with its portfolio of consumer products, including the Crypto.com Wallet & Card App, the MCO Visa Card, Crypto Invest, Crypto.com Chain, as well as Crypto Credit.

To date, Crypto.com now serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, and the Crypto.com Exchange. The Crypto.com Wallet allows users to buy, sell, and pay with cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Binance Coin (BNB), and Crypto.com’s MCO and CRO Tokens.