The Singapore-based cryptocurrency exchange, Crypto.com, announced on June 1 that it has been granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS).
The announcement comes after Crypto.com received its in-principle approval from MAS in June 2022. With the MPI licence, Crypto.com is now authorized to offer its DPT services to customers in Singapore.
The Monetary Authority of Singapore serves as the central bank and primary financial regulatory authority in Singapore. It is responsible for overseeing and implementing legislation related to money, banking, insurance, securities, and the overall financial industry, including the issuance of currency.
This latest announcement adds to Crypto.com's track record of securing regulatory licenses. Crypto.com has also achieved registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France and as a cryptoasset business from the UK Financial Conduct Authority (FCA).
Furthermore, Crypto.com received approval for its MVP Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA) and obtained Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea. The company also secured registration approval as a Digital Currency Exchange Provider and Independent Remittance Dealer in Australia by AUSTRAC, as well as an Australian Financial Services Licence and Australian Credit Licence from ASIC. Crypto.com's regulatory achievements extend to registration in Italy from the Organismo Agenti e Mediatori (OAM), registration in Greece from the Hellenic Capital Market Commission, and registration in Cyprus from the Securities and Exchange Commission.
Related: Crypto.com adds Pay support for MATIC, USDC and DAI
In addition, the cryptocurrency exchange has recently broadened its user base in the United States, allowing users to utilize over 30 cryptocurrencies to make purchases across a selection of over 150 renowned consumer brands through its app. It released this feature on May 31.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Title: Crypto.com joins ranks of licensed payment institutions in Singapore
Sourced From: cointelegraph.com/news/crypto-com-joins-ranks-of-licensed-payment-institutions-in-singapore
Published Date: Thu, 01 Jun 2023 09:41:36 +0100
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