{"id":572746,"date":"2022-06-22T12:37:22","date_gmt":"2022-06-22T11:37:22","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=572746"},"modified":"2022-06-22T12:39:25","modified_gmt":"2022-06-22T11:39:25","slug":"cryptocom-license-approval-singapore","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/cryptocom-license-approval-singapore\/","title":{"rendered":"Crypto.com Wins In-Principle Payment License Approval From Singapore Regulator"},"content":{"rendered":"\n<p>Summary:<\/p>\n\n\n\n<ul><li>The major exchange is in line to receive Major Payment Institution License from the Monetary Authority of\u00a0 Singapore.<\/li><li>Crypto.com could expand its services in Singapore to cover Digital Payment Token facilities if the license is granted.<\/li><li>Two other companies (Genesis and Sparrow Tech) also received similar regulatory nods from the market supervisor.<\/li><li>Only14 companies out of over 200 applicants have received the green light from Singapore&#8217;s rigid crypto licensing structure.<\/li><\/ul>\n\n\n\n<p>Major crypto trading platform <a href=\"https:\/\/en.ethereumworldnews.com\/crypto-com-becomes-a-global-partner-of-formula-1\/\">Crypto.com<\/a> has received a regulator nod from the Monetary Authority of Singapore as the company looks to expand operations in Southeast Asia and in global markets.<\/p>\n\n\n\n<p>Crypto.com\u2019s latest green light features the so-called Major Payment Institution License, a key financial license under the Payment Services Act that allows receivers to <a href=\"https:\/\/crypto.com\/company-news\/crypto-com-receives-in-principle-approval-from-the-monetary-authority-of-singapore\" rel=\"nofollow noopener\">operate<\/a> Digital Payment Token (DPT) services.<\/p>\n\n\n\n<p>The DPT license is highly sought after in Singapore and only a handful of companies have managed to clinch it. According to a report from Bloomberg, about 14 companies out of 200 applicants have received the nod from regulators.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/t.co\/vCNztABJoG\" rel=\"nofollow\">https:\/\/t.co\/vCNztABJoG<\/a> is proud to announce it has received in-principle approval from <a href=\"https:\/\/twitter.com\/MAS_sg?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@MAS_sg<\/a> for its Major Payment Institution License.<br><br>Full details\ud83d\udc47<a href=\"https:\/\/t.co\/vi2Kz87sdV\" rel=\"nofollow\">https:\/\/t.co\/vi2Kz87sdV<\/a> <a href=\"https:\/\/t.co\/yQ5Qx0Bsih\" rel=\"nofollow\">pic.twitter.com\/yQ5Qx0Bsih<\/a><\/p>&mdash; Crypto.com (@cryptocom) <a href=\"https:\/\/twitter.com\/cryptocom\/status\/1539515104198242304?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">June 22, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2>Crypto.com and Two Other Bags Key License in Singapore<\/h2>\n\n\n\n<p>The approval from Singapore\u2019s top regulator is in-principle as the MAS has a strict licensing regime for its digital ecosystem. Rhetoric from the market supervisor suggests that authorities are alert to guarding financial security and protecting investors.<\/p>\n\n\n\n<p>Commenting on the development, CEO Kris Marszalek admitted that the license is indeed a big win for the crypto trading platform. Marszalek pointed out that Crypto.com plans to leverage the approval for expansion efforts in Singapore.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>The Monetary Authority of Singapore 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.\u00a0<\/p><p>We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore \u2013 a flourishing market for fintech innovation, renowned for its well-regulated business environment.<\/p><\/blockquote>\n\n\n\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-22\/singapore-to-approve-three-new-digital-payment-token-permits\" rel=\"nofollow noopener\">Bloomberg<\/a> also reported that two other firms, Genesis and Sparrow received similar in-principle approvals from the MAS.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/t.co\/vCNztATSCO\" rel=\"nofollow\">https:\/\/t.co\/vCNztATSCO<\/a> wins coveted Singapore token permits<a href=\"https:\/\/t.co\/OsEOCxitKz\" rel=\"nofollow\">https:\/\/t.co\/OsEOCxitKz<\/a><\/p>&mdash; Crypto.com (@cryptocom) <a href=\"https:\/\/twitter.com\/cryptocom\/status\/1539544673500696576?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">June 22, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Crypto.com scoops coveted digital token license in Singpapore.<\/p>\n","protected":false},"author":55,"featured_media":572747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[108324,1072],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572746"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=572746"}],"version-history":[{"count":1,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572746\/revisions"}],"predecessor-version":[{"id":572750,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572746\/revisions\/572750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/572747"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=572746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=572746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=572746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}