Cryptocurrency exchange Crypto.com has completed its licensing process in Singapore after gaining principle approval in the city-state last June.
Crypto.com Obtains Digital Token License in Singapore
The exchange announced today that Crypto.com has obtained a Large Payments Authority (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).
Kris Marszalek, CEO of the Singapore-based exchange, said: "The Monetary Authority of Singapore is recognized worldwide as a regulator of responsible innovation in the digital assets sector."
The MPI license issued by MAS allows Crypto.com to offer a range of digital payment token services in Singapore, further solidifying its presence and operations in the country.
This license demonstrates Crypto.com's commitment to comply with Singapore's regulatory framework and reinforces its position as a reliable and compliant platform for cryptocurrency transactions.
Last year, MAS has cemented its reputation as a regulator that sets a high bar for approving companies by promising to be "brutal and brutally tough" on bad behavior in the crypto industry.
However, a number of leading crypto companies, including Coinbase and Blockchain.com, also received regulatory approval last year.
By obtaining the MPI license, Crypto.com is now authorized to offer services related to digital payment tokens covering various cryptocurrencies and digital assets.
This includes facilitating the buying, selling and exchanging of digital tokens, as well as providing custody and transfer services.
Crypto.com can expand its offerings with the applicable license and improve the overall user experience for its customers in Singapore.
*Not investment advice.