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.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Make Passive Money with NFT? (Explained!)
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.