Crypto.com scores approval from Singapore finance regulators

6/23/2022 7:45:00 AM

The exchange has the go-ahead to provide Digital Payment Token services within the framework of Singapore’s Payment Services Act.

Crypto .com makes huge moves in Singapore. The cryptocurrency exchange will get a Major Payment Institution License from the country’s top financial regulator.

The exchange has the go-ahead to provide Digital Payment Token services within the framework of Singapore’s Payment Services Act.

NewsMajor Singapore-based cryptocurrency exchange Crypto.com received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. The license will let the platform provide a range of payment services in the country.

On Wednesday, June 22, Crypto.comannouncedthe approval from MAS, which is necessary for offering the Digital Payment Token services within the framework of Singapore’s Payment Services Act.In the announcement, Kris Marszalek, co-founder and CEO of Crypto.com, confirmed the company’s commitment to collaborating with the MAS:

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com received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. The license will let the platform provide a range of payment services in the country. (Genesis is a subsidiary of Digital Currency Group, which also owns CoinDesk. On Wednesday, June 22, Crypto.35 (USD$1,621,597.com announced the approval from MAS, which is necessary for offering the Digital Payment Token services within the framework of Singapore’s Payment Services Act.com CEO Kris Marszalek said in a statement confirming the license. In the announcement, Kris Marszalek, co-founder and CEO of Crypto.

com, confirmed the company’s commitment to collaborating with the MAS: “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. Genesis and Sparrow Tech did not respond to CoinDesk's inquiries at the time of publication.13) of its proceeds to the regulator, which is fining the exchange another CAD$10,000 (USD$7,734. 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.” The Payment Service Act came into force in 2019, introducing the categories of small and major payment institutions. The first full license was granted to FOMO Pay in September 2021. To obtain the following licenses, the enterprises are obliged to comply with a number of legal demands as well as act in accordance with Anti-Money Laundering and Countering the Financing of Terrorism legislation." The move is part of a string of actions the OSC has. Related: . Read more:.