Crypto.com exchange has successfully obtained its major payment institution (MPI) license from the Monetary Authority of Singapore. With the permit, Crypto.com will expand its operations and product offerings nationwide.
Crypto.com, the 22nd-largest bitcoin (BTC) trading venue per CoinMarketCap and digital assets exchange globally, has reached another significant milestone in its global expansion plans, amid gloomy crypto markets and regulatory uncertainties.
Having successfully obtained in-principle approval to operate in crypto-friendly Singapore last June, the Kris Marszalek-led exchange has now been granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).
With its latest license, Crypto.com, which already has a presence across several jurisdictions, including Dubai, France, and the Cayman Islands, can now extend its product offerings in Singapore.
Singapore fostering crypto adoption
Despite signaling plans to tighten its cryptocurrency regulations following the disgraced Sam Bankman-Fried’s FTX scandal, which brought increased criticism and scrutiny to the government, Singapore remains one of the global hotspots for web3 businesses.
In April, Singapore’s central bank and the police revealed plans to create a framework that would make it easier for banks and other traditional financial institutions within the country to access potential crypto business partners. The move aims to prevent a US-style banking crisis in the region.
So far, many web3 businesses have launched operations in Singapore, including USD Coin (USDC) issuer Circle, Changpeng Zhao’s Binance, and others.
Last month, Coinbase launched zero-fee USDC trading for its Singaporean customers, enabling its users to purchase the stablecoin using the Singapore dollar.