The newest license from MAS enhances Crypto.com's global presence.
On June 1st, Singaporean cryptocurrency exchange, Crypto.com, declared that the Monetary Authority of Singapore (MAS) awarded the company with a major payment institution (MPI) license for digital payment token (DPT) services.
This authorization arrived a year after Crypto.com received in-principle approval from MAS.
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The new MPI license empowers the crypto exchange to offer its DPT services to its Singapore-based customers.
When talking about the newest accomplishment, Crypto.com CEO Kris Marszalek stated:
The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector. 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.
MAS, Singapore's primary financial regulatory authority and central bank, oversees the implementation of legislation pertinent to banking, insurance, securities, and the broader financial industry, along with currency issuance.
Crypto.com's recent approval enhances its history of obtaining significant regulatory licenses. The crypto exchange has received recognition as a digital asset service provider from France's Autorité des Marchés Financiers and the UK's Financial Conduct Authority.
Crypto.com continues to extend its influence as it broadens its user base in the United States. As of May 31st, the crypto exchange's users can use over 30 different cryptocurrencies, such as Tether (USDT), Bitcoin (BTC), and Ether (ETH), to shop from over 150 reputable consumer brands through the app.
The newly acquired MPI license from the Monetary Authority of Singapore not only fortifies Crypto.com's position in Singapore but also enhances its global presence. This milestone reinforces the crypto exchange's commitment to meeting the rigorous standards set by financial regulators, boosting trust among its customers worldwide.