Major Singapore-based cryptocurrency exchange Crypto.com received in-principle approval from the Monetary Authority of Singapore for its Major Payment Institution License. The license will let the platform provide a range of payment services in the country.the approval from MAS, which is necessary for offering the Digital Payment Token services within the framework of Singapore’s Payment Services Act.
In the announcement, Kris Marszalek, co-founder and CEO of Crypto.com, confirmed the company’s commitment to collaborating with the MAS: “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. We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore — a flourishing market for fintech innovation, renowned for its well-regulated business environment.
The Payment Service Act came into force in 2019, introducing the categories of small and major payment institutions. To obtain the following licenses, the enterprises are obliged to comply with a number of legal demands as well as act in accordance with Anti-Money Laundering and Countering the Financing of Terrorism legislation.
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