Crypto.com Receives Approval in Principle To Offer Services in Singapore
Crypto.com’s approval follows closely on its provisional approval for a Virtual Asset MVP License in Dubai
Crypto.com; Source: Shutterstock
key takeaways
- An approval in principle typically lays the groundwork for licensure in the island city-state
- The exchange had been operating under an exemption in the Payment Services Act
Major exchange platform Crypto.com said it has received approval in principle from Singapore’s main financial regulator to offer a range of payment services under the island city-state’s Payment Services Act.
The approval for a Major Payment Institution License, issued by the Monetary Authority of Singapore (MAS), is the final step in the exchange’s regulatory process, according to a statement on Wednesday.
Typically, approval in principle refers to a process in which financial institutions are provisionally selected to fulfill certain obligations within a predetermined time frame.
Crypto.com, headquartered in the city-state, had been operating under an exemption while awaiting approval, a spokesperson confirmed to Blockworks. Crypto.com declined to comment on the length of the process.
Others, like the digital asset exchange Matrixport whose offices are based in Hong Kong and Singapore, have chartered similar paths, Matrixport co-founder Cynthia Wu confirmed during Blockworks’ Permissionless event in May.
Under Singaporean law, crypto firms intending to offer services, including digital payment tokens, must register and apply for licensure under the Payment Services Act. Singapore offers well-rounded legislation to crypto according to regulators worldwide, and its approach is often emulated.
In general, a license issued by MAS enables an operator to provide payment services without being subject to specific thresholds, including limits on monthly transactions.
“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers,” Crypto.com CEO Kris Marszalek said in the statement. “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.”
Crypto.com, which has been busy expanding its services to countries abroad, announced earlier this month it obtained provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority with plans to establish its exchange platform there.
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