Crypto.com Gets Singapore Regulatory Nod

Crypto.com has been given the green light by the Monetary Authority of Singapore (MAS) to provide a wide range of payment services in the country.

Singapore Welcomes Crypto.com

Crypto.com receives a regulatory nod in Singapore as it has been granted in-principle approval from MAS for its Major Payment Institution License.

The World’s leading exchange announced on June 22 that it had received MAS approval for its Primary Payments Institution License, enabling it to offer a variety of settlement solutions under the Payment Services Act, including the Digital Payment Token (DPT) service for Singapore residents.

“The Monetary Authority of Singapore sets a high bar for driving innovation while protecting consumers, and their acceptance of our application in principle reflects the trusted, and secure platform that we have worked so hard to build,” Crypto.com Co-Founder and CEO Kris Marszalek said. 

This is an amazing step forward for Crypto.com in terms of legality for countries worldwide. This is because the Monetary Authority of Singapore (MAS) has begun to tighten regulations for the cryptocurrency sector in the past, especially the move to continuously add several popular crypto platforms to the Investor Alert List (IAL).

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Last September, the Binance exchange was listed in the IAL by MAS. As a result, Binance has stopped providing crypto services to Singaporean users, only to shut down in the country. Besides, Huobi, Bybit, and Three Arrow Capital fund also had to leave the country because of regulatory pressure.

What is Crypto.com:

Crypto.com is a Singapore-based cryptocurrency exchange. Currently, their app has 10 million users and 4,000 employees. Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo founded the company “Monaco” in 2016.  After purchasing a domain owned by cryptography researcher and professor Matt Blaze, the company was renamed Crypto.com in 2018. The domain was valued at between $5 and $10 million by domain sellers.

Foris DAX Asia, a Singapore-based subsidiary of Foris DAX MT (Malta) Limited, operates Crypto.com. Crypto.com has notable sponsorship agreements with Formula One, Serie A, the UFC, Paris Saint-Germain Football Club, the Philadelphia 76ers, the Montreal Canadiens, and Water.org.

Water.org‘s collaboration included signing its co-founder, actor Matt Damon, as Crypto.com‘s brand ambassador. The vision of Crypto.com is to accelerate the world’s transition to cryptocurrency by putting cryptocurrency in every wallet.

Find more about Crypto.com here:

Website | Twitter | Discord | Blog

Source : bsc.news

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