SINGAPORE – In a significant development for the cryptocurrency industry, the Monetary Authority of Singapore (MAS) has granted Crypto.com an in-principle approval (IPA) for a major payment institution license. The license will enable Crypto.com to expand its cryptocurrency services in Singapore under the Payment Services Act. This announcement comes as part of MAS’s ongoing efforts to foster innovation in the fintech sector and support the growth of digital asset businesses.
Crypto.com, a leading cryptocurrency platform, has been making strides in the industry with its user-friendly interface, diverse range of offerings, and commitment to regulatory compliance. The IPA granted by MAS signifies a significant step forward for Crypto.com, allowing the company to operate as a regulated entity in Singapore’s thriving digital economy.
According to MAS, the IPA is subject to certain conditions that Crypto.com must fulfill before it can officially commence its cryptocurrency services. These conditions aim to ensure that the platform adheres to rigorous anti-money laundering (AML) and countering the financing of terrorism (CFT) measures, as well as stringent consumer protection standards.
With the IPA approval, Crypto.com joins Digital Treasures Center (DTC) and Hodlnaut as the latest fintech firms to be granted licenses by MAS to offer cryptocurrency services in Singapore. This move reflects MAS’s commitment to fostering a conducive environment for innovation and the growth of digital assets.
Singapore, often regarded as a global fintech hub, has been actively encouraging the development and adoption of blockchain and cryptocurrency technologies. The MAS has been at the forefront of regulating these emerging sectors, striking a balance between promoting innovation and safeguarding the interests of consumers and the financial system.
Crypto.com‘s major payment institution license will enable it to provide a wide range of cryptocurrency services to Singaporean customers, including buying, selling, and storing digital assets, as well as facilitating crypto transactions. The approval also signifies a vote of confidence in Crypto.com‘s commitment to maintaining robust security measures and complying with regulatory requirements.
The news of Crypto.com‘s IPA approval from MAS has sparked enthusiasm among cryptocurrency enthusiasts and industry players alike. The move is expected to attract more fintech companies to explore opportunities in Singapore and further solidify the country’s position as a leading cryptocurrency hub in the region.
