Singapore’s MAS Grants Crypto.com Digital Fee Token License

• Crypto.com obtains Main Fee Establishment license for Digital Fee Token providers in Singapore.
• CEO of Crypto.com appreciates MAS as a globally acknowledged regulator fostering accountable innovation.
• Crypto.com emphasizes dedication to collaboration with MAS and main in Singapore’s fintech innovation.

Wall Road Journal reported after receiving preliminary approval in June of final yr, that the cryptocurrency alternate Crypto.com has efficiently accomplished its licensing course of in Singapore.

On Thursday, June 1, Crypto.com introduced that it had obtained its Main Fee Establishment (MPI) license for Digital Fee Token (DPT) providers from the Financial Authority of Singapore (MAS).

Kris Marszalek, CEO of Crypto.com, expressed his appreciation for the Financial Authority of Singapore’s international recognition as a regulator that fosters accountable innovation within the digital belongings sector.

Marszalek additionally highlighted the satisfaction in receiving the license from a regulator that prioritizes client safety, security, and safety. He additional emphasised the corporate’s dedication to collaborating with MAS and taking part in a number one position within the cryptocurrency house inside their dwelling market of Singapore.

In the meantime, Chin Tah Ang, Common Supervisor of Crypto.com Singapore, added:

Singapore continues to be a hub for blockchain and fintech innovation.

Ang emphasised the importance of acquiring the Main Fee Establishment license, which reinforces the corporate’s steadfast dedication to collaborating with the Web3 group and contributing to the event of Singapore’s blockchain ecosystem.

Final yr, the MAS made a powerful dedication to take strict motion in opposition to misconduct inside the cryptocurrency trade, solidifying its status as a regulator that maintains excessive requirements when approving corporations. Regardless of this stance, a number of outstanding crypto corporations, equivalent to Coinbase and Blockchain.com, additionally obtained in-principle approval from the regulator throughout the identical interval.