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Crypto.com Acquires Approval From MAS for Its Crypto License

Crypto.com Acquires Approval From MAS for Its Crypto License

The crypto giant receives yet another crypto license provisional approval.

Crypto.com, one of the biggest crypto exchanges in the world, received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) License on June 22.

According to the official statement, if the proposal is granted, the company will be able to provide Singaporeans with a wide range of different payment solutions within the Payment Services (PS) Act, including Digital Payment Token (DPT) services.

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The CEO of Crypto.com Kris Marszalek implied that the crypto platform is fully committed to working with MAS even though it often establishes a high regulatory threshold. However, this way, a number of organizations are provided the possibility to foster innovation.

On top of that, the CEO also added that the license issued by MAS shows that Crypto.com is on the right track to developing a trustworthy and secure platform for all of its users. He added:

“We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore — a flourishing market for fintech innovation, renowned for its well-regulated business environment.”

At the beginning of June, Crypto.com also announced that it received provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA). Once fully approved, the crypto exchange business will be able to offer a complete array of cryptocurrency exchange-related services to eligible consumers and institutional investors.

Although Crypto.com managed to score two approvals, the company was also touched by the current crypto bear market as it recently stated that it would fire around 260 of its team members.

In other news, earlier this year, Cronos, the Ethereum Virtual Machine (EVM) blockchain backed by Crypto.com, issued a statement indicating the launch of a new $100M program dubbed the Cronos Accelerator Program. The blockchain platform will supposedly focus on blockchain-related startups, concentrating on decentralized finance (DeFi), Web3, and Metaverse.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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