On June 1, Crypto.com, a cryptocurrency exchange based in Singapore, revealed that it had obtained a significant payment institution (MPI) license from the Monetary Authority of Singapore (MAS) for its digital payment token (DPT) services. This development follows Crypto.com’s receipt of in-principle approval from MAS in June 2022. With the MPI license now in place, Crypto.com is officially authorized to provide its DPT services to customers in Singapore.
The Monetary Authority of Singapore functions as Singapore’s central bank and primary regulatory body for the financial sector. It assumes responsibility for supervising and implementing regulations pertaining to money, banking, insurance, securities, and the broader financial industry, including the issuance of currency.
This recent announcement adds to Crypto.com’s track record of acquiring regulatory licenses. The exchange has previously obtained registration as a digital asset service provider from the Autorité des Marchés Financiers in France and as a crypto asset business from the Financial Conduct Authority in the United Kingdom.
Crypto.com Expanding Its Reach
Moreover, the exchange has obtained several other regulatory approvals and registrations. It has received the minimal viable product preparatory license from the Dubai Virtual Assets Regulatory Authority and acquired Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea. The company has also secured registration approval as a digital currency exchange provider and independent remittance dealer in Australia from the Australian Transaction Reports and Analysis Centre.
Additionally, it has obtained an Australian financial services license and Australian credit license from the Australian Securities and Investments Commission. The exchange’s regulatory achievements extend further to registration in Italy from the Organismo Agenti e Mediatori, in Greece from the Hellenic Capital Market Commission, and in Cyprus from the Securities and Exchange Commission.
Furthermore, the exchange has recently expanded its user base in the United States. It now allows users to utilize more than 30 cryptocurrencies to make purchases from a wide range of over 150 well-known consumer brands through its app. This new feature was launched on May 31.