Crypto.com receives in-principle approval from the Monetary Authority of Singapore

Crypto exchange platform Crypto.com has finally received in-principle approval from the MAS or Monetary Authority of Singapore to offer a range of payment services in the city-state. Moreover, the MAS has been in a happy mood to give the green light to two more crypto firms — Genesis and Sparrow — to provide similar products and services.

Crypto.com to offer multiple services

According to a recent announcement made by Crypto.com, the latest approval will enable it to offer a variety of settlement solutions.

https://t.co/vCNztABJoG is proud to announce it has received in-principle approval from @MAS_sg for its Major Payment Institution License.

Full details👇https://t.co/vi2Kz87sdV pic.twitter.com/yQ5Qx0Bsih

— Crypto.com (@cryptocom) June 22, 2022

These solutions, which offer Digital Payment Token (DPT) services to Singaporean customers, would fall under the Payment Services Act. Kris Marszalek, co-founder and CEO of the platform, commented on the approval. He said:

“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.”

He added that exchange is “ready to dive and capture the next wave of growth.”

Notably, the exchanges joined hands with LeBron James to educate people about crypto and blockchain in January this year.

In addition to Crypto.com, the MAS approved Genesis, a broker of digital assets, and Sparrow, a platform for trading cryptocurrencies. They would be able to offer DPT services in Singapore under a rigorous regulatory framework, just like Crypto.com.

Heng Swee Keat, Singapore’s Deputy Prime Minister, said, “We must continue to build trust through regulatory guardrails while encouraging innovation and realizing gains.”

With the most recent approvals, the MAS has now said “yes” to 14 different crypto firms. This, however, represents only a small portion of the 200 candidates who have applied for the watchdog’s approval over the years.

In March, as TheCoinRise reported, Crypto.com decided to air a campaign to support Ukraine after the Russia-Ukraine dispute started in February.