Leading crypto trading platform Crypto.com has obtained a Payment Institution (MPI) License from the Monetary Authority of Singapore. In a blog post on 1 June, the exchange said the license is for Digital Payment Token (DPT) services.
Crypto.com will now continue to extend its Digital Payment Token (DPT) services to customers in Singapore where it has its global headquarters.
“The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector,” said Kris Marszalek, CEO of Crypto.com.
“We are proud to receive the license from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore,” he added.
Crypto.com is a crypto exchange known for its regulatory compliance with standards of countries where it operates. It has over 80 million users around the world, making it one of the most popular exchanges globally. Crypto.com is also one of the exchanges that have had the least issues with regulators in countries where they operate.
Crypto.com Furthering Crypto Adoption
Crypto.com’s primary aim is to make financial services available to all by facilitating crypto adoption, and this license is a big step towards achieving this. The license is a confirmation of an in-principle or license MAS issued the exchange in June last year.
It isn’t surprising that Crypto.com is making this progress because Singapore has over the years been a crypto hub that is still attracting many crypto companies from around the world.
“Singapore continues to be a hub for blockchain and fintech innovation. The Major Payment Institution license underscores our ongoing commitment to build with the Web3 community in Singapore,” said Chin Tah Ang, General Manager, Singapore of Crypto.com.
Crypto.com has a number of other licenses it secured before now. It had in November 2022 obtained a Major Payment Institution license for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore.
Similarly, the Autorité des marchés financiers (AMF) in France licensed the company as a Digital Asset Service Provider (DASP) in September 2022. It also has business licenses from the UK Financial Conduct Authority (FCA) and the Dubai Virtual Assets Regulatory Authority (VARA), to name a few.
The Need for Regulatory Compliance
There are many crypto exchanges seeking licenses in different jurisdictions. However, Crypto.com seems to be getting more licenses, mainly because of its strict regulatory compliance. It is one of the exchanges that adhere to strict regulations wherever they operate, and that is something other exchanges should emulate.
As countries seek to make the crypto space safer for their people, they will continue to go hard on regulations, and the exchanges interested in complying with such regulations will gain more acceptance. Crypto.com will definitely secure more licenses in places like Hong Kong which have become leading crypto hubs.
The government is already working on licensing companies as it released its regulatory guidelines recently. Such hubs will receive more interest from crypto exchanges and other digital platforms going forward, and those companies with the most willingness for compliance will receive more acceptance.
With proper crypto regulation, the world is also more likely to believe in the industry and what it stands for. This is critical in encouraging crypto adoption, which is something Crypto.com aggressively pursues in order to bring about financial inclusion the world over.