The Singapore-based cryptocurrency exchange, Crypto.com, announced on June 1 that it had been granted a major payment institution (MPI) license for digital payment token (DPT) services by the Monetary Authority of Singapore (MAS).
The announcement comes after Crypto.com received its in-principle approval from MAS in June 2022. With the MPI license, Crypto.com is now authorized to offer its DPT services to customers in Singapore.
The Monetary Authority of Singapore serves as Singapore’s central bank and primary financial regulatory authority. It is responsible for overseeing and implementing legislation related to money, banking, insurance, securities and the overall financial industry, including the issuance of currency.
This latest announcement adds to Crypto.com’s track record of securing regulatory licenses. The exchange has also been granted registration as a digital asset service provider by the Autorité des Marchés Financiers in France and as a crypto asset business by the United Kingdom’s Financial Conduct Authority.
Furthermore, Crypto.com received approval for its minimal viable product preparatory license from the Dubai Virtual Assets Regulatory Authority, and acquired Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea. The company also secured registration approval as a digital currency exchange provider and independent remittance dealer in Australia from the Australian Transaction Reports and Analysis Centre, as well as an Australian financial services license and Australian credit license from the Australian Securities and Investments Commission. Crypto.com’s regulatory achievements also extend to registration in Italy from the Organismo Agenti e Mediatori, in Greece from the Hellenic Capital Market Commission, and in Cyprus from the Securities and Exchange Commission.
In addition, the cryptocurrency exchange has recently broadened its user base in the United States, allowing users to utilize over 30 cryptocurrencies to make purchases across a selection of over 150 renowned consumer brands through its app. It released this feature on May 31.