Leading cryptocurrency trading platform Crypto.com has announced the acquisition of a significant payment institution license from the monetary authority of Singapore. The license specifically covers digital payment token services, allowing Crypto.com to expand its offerings in Singapore, where its global headquarters are located.
The granting of this license is a significant milestone for Crypto.com, known for its strong adherence to regulatory standards in the countries it operates. With over 80 million users worldwide, the platform prioritizes security and privacy for its customers.
Kris Marszalek, CEO of Crypto.com, expressed pride in receiving the license from the monetary authority of Singapore, renowned globally for its focus on consumer protection, safety, and security. He emphasized the company’s commitment to collaborating with the regulator and leading the way in the crypto industry in Singapore.
This full license follows an in-principle license that crypto.com obtained in June of the previous year, underscoring Singapore’s position as a thriving hub for blockchain and fintech innovation. By fostering an environment supportive of the industry, Singapore continues demonstrating its dedication to digital assets.
Chin Tah Ang, general manager of Singapore at Crypto.com, highlighted Singapore’s role as a center for blockchain and fintech innovation and emphasized the company’s commitment to building within the web3 community in the country.
Crypto.com already possesses several licenses obtained from various regulatory authorities. In November 2022, the company secured a significant payment institution license for e-money issuance, account issuance, and cross-border and domestic money transfer services from the monetary authority of Singapore.
Additionally, the autorité des marchés financiers (AMF) in France granted crypto.com a licence as a Digital Asset Service Provider (DASP) in September 2022. The company also holds business licenses from the UK financial conduct authority (FCA) and the Dubai Virtual Assets Regulatory Authority (VARA), among others.
By acquiring the major payment institution license from the monetary authority of Singapore, crypto.com takes a significant step toward its mission of making financial services accessible to all and furthering the adoption of cryptocurrencies.
