The Monetary Authority of Singapore granted in-principle approval to Crypto.com and three other crypto companies. Crypto.com, Genesis and Sparrow Tech join the other 11 crypto firms that were granted the same approval last month.
Crypto.com received the in-principle approval for its Major Payment Institution License.
What The Approval Means For Crypto.com
In a statement put out by Crypto.com, they claim that this license, once granted, will allow the crypto firm to offer a range of payment services. This service will also include Digital Token Payment services to customers in Singapore.
Under the Payment Services Act, any entity that wants to provide any type of payment services in Singapore needs to first get a suitable license. The type of license depends upon the risk and scope of the services provided and is granted by MAS. Crypto.com’s Major Payment Institution License allows it to offer payment services without being subject to any thresholds.
Kris Marszalek, Co-Founder and CEO of Crypto.com, called Singapore a flourishing fintech market and hoped to expand its roots there in collaboration with MAS.
Crypto.com also recently received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority.
Flourishing Crypto Environment In Singapore
Singapore has been at the forefront of the crypto innvovation.
Singapore’s Deputy Prime Minister, Heng Swee Keat, said that Singapore is keen to partner with blockchain and digital assets players. Talking at the Point Zero Forum in Zurich, Swee Keat reaffirmed his intent to partner with responsible players in the Web 3.0 community.
In the same vein, Genesis and Sparro Tech also received their licenses from MAS.
Last month, 11 other crypto firms including Paxos, Triple A, and Hodlnaut also received their licenses from MAS. Chintai, a Singapore-based blockchain company received its Capital Markets Services License.
Tonight is also the first day of Crypto Expo Asia, which is happening in Singapore. Whether Singapore can become a hub of crypto innovation, only time will tell.