Crypto.com receives digital token license in Singapore

After receiving in-principle approval in June of last year, crypto exchange Crypto.com has successfully completed the licensing process in Singapore. The company announced today it has been granted the Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS).

This achievement, which to builds continuing momentum for the crypto exchange, also signifies the official recognition of Crypto.com’s compliance with regulatory requirements in Singapore, further solidifying its position in the market.

The good news comes just a few months after Crypto.com laid off 20% of its employees as FTX contagion spreads further into the crypto market. The layoff was the company’s second in about six months after it reduced jobs in July last year to weather the storm of the economic downturn and rising interest rates.

The Singapore-based exchange’s CEO Kris Marszalek said, “The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector. We are proud to receive the license from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”

“Singapore continues to be a hub for blockchain and fintech innovation,” said Chin Tah Ang, General Manager, Singapore of Crypto.com. “The Major Payment Institution license underscores our ongoing commitment to build with the Web3 community in Singapore.”

“Today’s announcement continues Crypto.com’s regulatory license momentum, having received approval in November 2022 for a Major Payment Institution license for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore; registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France; registration approval as a crypto asset business from the UK Financial Conduct Authority (FCA),” Crypto.com said in a news release.

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.

As of 2022, Crypto.com had over 5 million customers. The exchange said it provides customers 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.