Singapore's Crypto.com has successfully obtained its Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). The exchange recently completed the licensing process after receiving in-principle approval in June last year. With this achievement, Crypto.com is now authorized to provide DPT services in Singapore.
CEO Kris Marszalek praised MAS, stating that the Monetary Authority of Singapore is internationally recognized for its role in ensuring responsible innovation within the digital assets sector. MAS has a reputation for maintaining high regulatory standards and has taken a strong stance against misconduct in the crypto industry. Despite its strict approach, other prominent cryptocurrency firms like Coinbase and Blockchain.com also received in-principle approval from MAS over the past year.
This development solidifies Crypto.com's position as a licensed and regulated cryptocurrency exchange in Singapore, allowing them to operate within the framework set by MAS while offering their services to customers in the city-state.
