The Monetary Authority of Singapore has granted approval in principle to Crypto.com and three other cryptocurrency companies. Crypto.com, Genesis and Sparrow Tech join the other 11 cryptocurrency companies that received the same approval last month. Crypto.com has received approval in principle for its Large Payment Institution License.
In a statement released by Crypto.com, they claim that this license, once granted, will allow the crypto company to offer a variety of payment services. This service will also include digital token payment services for customers in Singapore.
As per the Payment Services Act, any entity wishing to provide any type of payment service in Singapore must first obtain a proper license. The type of license depends on the risk and scope of the services provided and is granted by MAS. Crypto.com's Large Payment Institution License allows it to offer payment services without being subject to any limits.
Kris Marszalek, co-founder and CEO of Crypto.com, called Singapore a thriving fintech market and hoped to expand his roots there in collaboration with MAS. Crypto.com also recently received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Asset Regulatory Authority.
