Singapore-based blockchain and cryptocurrency trading platform Crypto.com has received a major payment institution licence for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).
Following the grant of the licence, the company can continue to extend its DPT services to customers in Singapore.
“The Major Payment Institution licence underscores our ongoing commitment to build with the Web3 community in Singapore,” said Chin Tah Ang, General Manager, Singapore at Crypto.com. “Singapore continues to be a hub for blockchain and fintech innovation.”
The firm had received in-principle approvals for its DPT licence from MAS in June last year allowing the firm to offer services such as cryptocurrency payments and operation of crypto exchanges in Singapore.
Under the new Payment Service Act which came into effect in 2020, all providers of DPT services operating in Singapore must be registered and licensed.
Crypto.com registered with the UK’s financial services regulator in August last year, to offer crypto asset services and products in the United Kingdom
Dubai’s Virtual Assets Regulatory Authority (VARA) approved a minimal viable product (MVP) preparatory licence for the company in March this year. With the MVP licence Crypto.com moved closer to getting an operational licence in the region.
Founded in 2016, Crypto.com is a blockchain and cryptocurrency trading platform with over 80 million users in 90 countries.
Other DPT licence holders in Singapire include crypto exchange Coinhako, fintech firm Revolute and DBS Vickers, the brokerage arm of DBS Bank.