The Monetary Authority of Singapore has granted in-principle approvals for digital payment token (DPT) licences to three crypto firms.
This means that these firms will be able to offer digital payment token services, such as cryptocurrency payment services and operating crypto exchanges.
Under the new Payment Service Act that came into effect in 2020, all providers of DPT services operating in Singapore must be registered and licensed.
Singapore-based Crypto.com revealed that it was one of the recipients, and The Edge Singapore understands that the other two are trading platforms Genesis and Sparrowtech.
With these 3 new in-principle approvals, it would take the number of approvals (licences plus in-principle approvals) to 14. Other DPT licence holders include crypto exchange Coinhako, fintech firm Revolut and DBS brokerage arm DBS Vickers.
In a release issued by Crypto.com, Kris Marszalek, co-founder and CEO says that “MAS 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.”
See also: Digital Assets Association launches to connect tradfi and tokenised real world assets
The company added that it continues to actively grow and expand its ecosystem, and boasts of more than 50 million users worldwide.
Crypto.com also recently announced that it has received provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA) and plans to launch its cryptocurrency exchange service in Dubai.
