Securing this latest license will allow Crypto.com to provide DPT services to a wider range of clients in Singapore.
In a major development, Crypto.com announced that it has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token (DPT) services in the region.
Earlier, Crypto.com had received its in-principle approval from MAS in June 2022 last year. Having recently received the license, the platform will be able to offer its DPT services to a wide range of clients in Singapore. Speaking on the development, Chris Marszalek, CEO of Crypto.com Said,
“The Monetary Authority of Singapore is recognized globally as a regulator ensuring responsible innovation of the digital assets sector. We are proud to be licensed by a regulator that prioritizes consumer protection, safety and security We look forward to continuing to collaborate with MAS and be at the forefront of crypto in our home market of Singapore.
Chin Tah Aung, Singapore General Manager of Crypto.com, highlighted Singapore as a thriving hub for blockchain and fintech innovation. He emphasized his commitment to the Web3 community in Singapore, exemplified by obtaining a Major Payment Institution (MPI) license.
Founded in 2016, popular crypto exchange Crypto.com serves over 80 million customers worldwide and is one of the leading players in regulatory compliance, security and privacy.
Crypto.com – new developments
Singapore-based cryptocurrency exchange Crypto.com has City: Its mobile app has a new feature that enables users in the United States to use more than 30 cryptocurrencies, including CRO, BTC, ETH, and USDT, for payments at more than 150 well-known companies.
Users can earn up to 10% in paid salary rewards in CRO with a monthly rewards limit of $100. This feature includes a one-time-use card that can be used at notable brands such as Apple, Nike, Walmart, Ray-Ban and GameStop.
Currently, the payment feature is exclusively available to users based in the United States. However, Crypto.com has expressed its intention to expand its availability to other markets in the near future without disclosing specific details about the next country.
The company emphasizes that it reserves the right to make changes to this offer, clarifying that there is no formal partnership between Crypto.com and the participating brands involved in this promotion.
Last month in May 2023, Crypto.com also announced Support for new tokens on the platform.
Bhushan is passionate about Fintech and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
Bitcoin Crypto Related Post