• Crypto.com has obtained a main clearinghouse license for digital cost token providers in Singapore.
• Crypto.com’s CEO lauds MAS as a globally acknowledged regulator that fosters accountable innovation.
• Crypto.com highlights its collaboration with MAS and its dedication to main fintech innovation in Singapore.

The Wall Road Journal reported that cryptocurrency change Crypto.com has efficiently accomplished the licensing course of in Singapore after receiving preliminary approval in June final 12 months.

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

Crypto.com CEO Chris Marzalek thanked the Financial Authority of Singapore for its international recognition as a regulator selling accountable innovation within the digital belongings sector.

Marzarek additionally confused his delight in receiving a license from a regulator that prioritizes client safety, security and safety. He additional emphasised the corporate’s dedication to working with MAS to play a number one position within the cryptocurrency area inside its dwelling market of Singapore.

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

Singapore continues to be a middle of innovation for blockchain and fintech.

Ang confused the significance of acquiring a serious cost establishment license, which is able to reinforce the corporate’s unwavering dedication to working with the Web3 neighborhood and contributing to the event of Singapore’s blockchain ecosystem. .

Final 12 months, MAS made a robust dedication to take powerful motion in opposition to fraudulent exercise throughout the cryptocurrency trade, cementing its fame as a regulator that maintains excessive requirements when approving firms. Regardless of this stance, a number of outstanding cryptocurrency firms resembling Coinbase and Blockchain.com additionally obtained approval in precept from regulators throughout the identical interval.