- The exchange can expand and develop its DPT services to customers in Singapore
- It received approval from the Dubai Virtual Assets Regulatory Authority in June 2022
The Monetary Authority of Singapore (MAS) has issued leading cryptocurrency exchange Crypto.com a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services, Bankless Times learned from a press release.
Exchange received in-principle approval in 2022
Crypto.com received tentative approval from the Singaporean authority in June 2022. With this license, the exchange can keep expanding and developing its DPT services to customers in Singapore. Crypto.com CEO Kris Marszalek commented:
The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector. We are proud to receive the license from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.
The exchange received approval of its MVP Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA) in June 2022 as well, as Bankless Times reported back then. VARA stated that they would issue the operating license under this specialized program as soon as the firm could prove it fulfilled all the requirements.
One of the most compliant exchanges
Crypto.com does not have issues with regulators, unlike many other crypto exchanges. It is registered as a provider of digital asset services in France and a crypto asset business by the UK FCA and holds a Financial Services License and a Credit License from the Australian Securities Commission. It’s registered as a legitimate business in Italy, Greece, and Cyprus.
A high-profile sports partnership
Last year, Crypto.com announced a five-year partnership with the Australian Football League. The exchange became the AFL’s official trading platform. It was featured as the exclusive naming rights partner for all Toyota AFL Premiership Season and Final Series matches.
