Crypto.com Secures License from Monetary Authority of Singapore as Payment Institution
Securing this recent license will allow Crypto.com to offer DPT services to a wide range of customers in Singapore.
In a major development, Crypto.com announced that it has secured the license of a Major Payment Institution (MPI) from the Monetary Authority of Singapore (MAS) for offering Digital Payment Token (DPT) services in the region.
Previously, Crypto.com received its in-principle approval from the MAS last year in June 2022. Having secured the license recently, the platform will be able to offer its DPT services to a wide range of customers in Singapore. Speaking on the development, Kris Marszalek, CEO of Crypto.com 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 licence 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.”
Chin Tah Ang, General Manager, Singapore of Crypto.com, highlighted Singapore as a thriving hub for blockchain and fintech innovation. He emphasized their commitment to the Web3 community in Singapore, exemplified by obtaining the Major Payment Institution (MPI) license.
Founded in 2016, popular crypto exchange Crypto.com serves more than 80 million customers worldwide and is one of the leading players in regulatory compliance, security, and privacy.
Crypto.com – New Developments
Singapore-based cryptocurrency exchange Crypto.com has introduced a new feature in its mobile app, enabling users in the United States to utilize over 30 cryptocurrencies, including CRO, BTC, ETH, and USDT, for payments at more than 150 renowned companies.
Users can earn up to 10% in Pay Rewards, paid in CRO, with a monthly rewards limit of $100. The feature includes a one-time-use card that can be used at notable brands like Apple, Nike, Walmart, Ray-Ban, and GameStop.
At present, the payment feature is exclusively accessible to users situated in the United States. However, Crypto.com has expressed their intentions to expand its availability to other markets in the near future, without disclosing specific details regarding the next country.
The company emphasizes that it retains the right to make changes to this offer, clarifying that there is no formal partnership between Crypto.com and the participating brands involved in this promotion.
Last month in May 2023, Crypto.com also announced support for new tokens on the platform.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
