Crypto.com Wins License Approval To Offer Payment Services From Singapore Regulator

2022-6-23 04:00

Crypto trading platform Crypto.com has received a license approval from the Monetary Authority of Singapore. Crypto.com is a major exchange looking to expand its operations to the South-East Asia market and eventually globally.

This In-Principle Digital Token Payment License that has been given to other companies has helped the the firms offer services in Singapore.

This license is called the Major Payment Institution License which is construed as a key financial license that falls under Payment Services Act that will help receivers to operate the Digital Payment Token (DPT) services.

The two other companies are Genesis and Sparrow Tech. Upon the final approval, this license will let Crypto.com have the opportunity to provide several payment services to the consumer of Singapore which are in accordance with the Payment Services Act.

Singapore Wants To Be A “Responsible Global Crypto Hub”

Singapore’s Monetary Authority has stated that this particular license is difficult to obtain and is strict because Singapore wants to be a “responsible global crypto hub”.

The trading platform lately has achieved another considerable milestone that would aid its expansion. Recently, the Dubai Virtual Assets Regulatory Authority passed a preliminary authorization to the trading platform. This authorization was for Virtual Asset MVP License.

MAS has “set a high regulatory bar” and the approval actually “reflects the trusted and secure platform” that Crypto.com has built. The DPT license is a license which is not granted easily and it also quite sought after. Only a few companies in Singapore have managed to bag it.

A total of fourteen companies out of two hundred applicants have managed to receive this license, as reported by Bloomberg. This license primarily is dependent on the risk along with the scope of services which the trading platform provides.

The trading platform’s Major Payment Institution License approves it to be able provide the payment services without any particular thresholds.

Suggested Reading | Singapore Restaurants Accepting Crypto Payments Amid Legislative Resistance

Conducive Environment For Cryptocurrency Growth In Singapore

Singapore’s Deputy Prime Minister, Heng Swee Keat, is of the opinion that Singapore is accommodating and adoptive of blockchains and the digital asset industry. He has also mentioned that Singapore is ready to host responsible Digital Asset companies to help facilitate the growth of Web 3.0 community.

In the past one month many crypto firms such as Triple A, Hodlnaut and Paxos have received licenses from the Singapore Regulator. Along with these firms even a Singapore firm called Chintai,  received its Capital Markets Services License.

Despite Singapore’s positive stance on crypto, the authorities are still concerned with safeguarding and protecting financial security along with investor interest.

CEO, Kris Marszalek has stated that this indeed will help the platform achieve its goals of expansion in Singapore. This move by Singapore shows that the country has confidence in the digital asset space despite the current downfall that has occurred across the whole industry.

Related Reading | Crypto.com Steps Up To Boost Security And Privacy Studies Via Donations

Bitcoin was trading for $20,000 on the four hour chart | Source: BTCUSD on TradingView Featured Image from UnSplash and Chart from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto singapore license approval operations expand exchange

crypto singapore → Результатов: 126


Binance Applies for Singapore Crypto License Under The New Payment Services Act

Binance crypto exchange through its parent company has applied for Singapore’s new operating license. This follows an upgrade of laws governing crypto in the FinTech friendly jurisdiction. Singapore sought to advance its payments’ ecosystem legalities as more firms’ leveraging blockchain tech and tokenization set up in the country.

2020-2-17 20:06


Фото:

Singapore Man Faces 34 Years in Prison for Illegal Crypto Mining

A 29-year-old man from Singapore faces 34 years in prison after allegedly stealing Amazon AWS and Google Cloud computing power and services to mine crypto. Stole Victims’ Information to Mine Crypto Ho Jun Jia also known as Matthew Ho was taken into the custody of the Singapore Police Force on September 26 after being charged under a 14-count indictment.

2019-10-11 18:00


Фото:

Crypto Pioneer David Chaum Says His New Blockchain Beats Bitcoin

eCash creator and pioneering cryptographer David Chaum unveiled his Elixxir cryptocurrency September 19 following two years of behind-the-scenes development. Targeting Consumer Scale Speaking at the Consensus Singapore conference, Chaum said his latest project addressed the shortcomings in speed which currently prevent bonafide blockchain-based assets such as Bitcoin scaling quickly.

2018-9-20 20:00


The Big Disruption: The World’s First Truly Decentralized Cryptocurrency and Blockchain Event to Happen in Singapore

A group of blockchain rebel-innovators from all over the globe teamed up to create a fully disruptive event that breaks barriers faced at usual crypto events. The post The Big Disruption: The World’s First Truly Decentralized Cryptocurrency and Blockchain Event to Happen in Singapore appeared first on CoinSpeaker.

2018-9-21 18:11


Фото:

Crypto EXPO Asia Promises to Gather the Whole Financial World Together in Singapore

SINGAPORE – Crypto EXPO Asia goes live on October 26, 2018 and Suntec Singapore Convention & Exhibition Centre hosts the world of blockchain and bitcoins for one day only. One more outstanding show organized by FINEXPO is going to take place and promises to become a success as crypto world gained its popularity worldwide Crypto EXPO Asia space will be...The post %%POSTLINK%% appeared first on %%BLOGLINK%%.

2018-9-20 17:00


Фото:

The Daily: Binance Tests Fiat Exchange, Russians Mull Crypto Platforms

Binance, the leading cryptocurrency exchange, has announced it will start testing a fiat-to-crypto currency trading platform in Singapore and we’ve got the story in Sunday’s edition of The Daily. Also, two islands in Russia are competing to host the country’s first regulated exchange, and the ECB says Europe doesn’t need a central bank issued crypto.

2018-9-16 15:28