Singapore Authority MAS has approved Crypto.com’s licence. Crypto.com, a company headquartered in Singapore, has been granted a significant payment institution license by the Monetary Authority of Singapore (MAS). This development follows the company’s receipt of preliminary approval from MAS in June 2022.
Singapore Authority MAS Approved Cryptocom’s Licence For Digital Token Services
After receiving its in-principle approval from the Monetary Authority of Singapore (MAS) in June 2022, Crypto.com, a Singapore-based company, has now obtained a significant payment institution license from MAS. This license allows the crypto exchange to expand its digital payment token services to customers within Singapore.
Joining the ranks of approved entities offering digital payment token services, Crypto.com joins the likes of Coinhako, a crypto trading platform, and DTC, a fiat-to-crypto payments firm.
Crypto.com’s regulatory compliance extends beyond Singapore, as the company has secured approvals and licenses from various jurisdictions worldwide. These include France, Dubai, South Korea, Australia, Italy, Greece, Cyprus, Cayman Islands, Canada, the US, and the UK. Founded in 2016, Crypto.com boasts a customer base of 80 million globally. Earlier this year, the company had to downsize its workforce by 20% due to the economic downturn and unforeseen industry events.
About Crypto.com
Crypto.com is a cryptocurrency exchange that facilitates trading, investment, staking, wallet services, and NFT transactions, among other features. With a broad selection of over 250 cryptocurrencies, this exchange provides competitive fees and special discounts for holders of a substantial amount of Crypto.com’s native coin, CRO.
The diverse range of crypto-related products within its ecosystem makes it an appealing option for individuals seeking extensive utility and functionality for their digital assets.
About MAS
The Monetary Authority of Singapore (MAS) serves as Singapore’s central bank and regulatory authority for the financial industry. It is responsible for overseeing and enforcing the relevant laws and regulations related to money, banking, insurance, securities, and the broader financial sector, including the issuance of currency.
Established in 1971, MAS operates as both the government’s banker and financial agent, carrying out essential functions in support of Singapore’s economic activities.
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