Singapore’s Monetary Authority (MAS) has granted Crypto.com’s application for a Major Payment Institution License (MPI) in principle, the company announced today. Upon approval, this license will make it possible for Crypto.com to provide a variety of payment services to consumers in Singapore in accordance with the Payment Services Act. These services will include Digital Payment Token (DPT) services. As MAS managing director Ravi Menon stated in April, the city’s license process is strict because it wants to be a “responsible global crypto hub.”
This is the second time in the last few months that Crypto.com has reached a significant milestone in its expansion. The Dubai Virtual Assets Regulatory Authority recently granted preliminary authorisation to the cryptocurrency exchange for its Virtual Asset MVP License. Also, Class 3 Virtual Financial Assets License was granted to the exchange in 2021, making it the first cryptocurrency company to get such a license from Malta. Despite the good news, Crypto.com’s native Cronos token has yet to react to the recent news. As the global digital asset market continues to experience a bear run, it continues to consolidate.
Crypto.com co-founder and CEO Kris Marszalek affirmed the company’s intention to work 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,”
As of this writing, more than 50 million people around the world have signed up to Crypto.com. The issuance of a license by one of the world’s most vibrant economies is a strong show of confidence in digital assets, despite the current downturn. Also, it signifies that more governments could be willing to create enabling environments for mass crypto adoption.