Crypto exchange Crypto.com;has obtained;a major payment institution license for digital payment token services from the Monetary Authority of Singapore (MAS), the country's financial market regulator.
The license has authorized the company to offer its digital asset services in Singapore.
The approval came exactly one year after the platform received an in-principle approval from the MAS.
- Following the announcement, Crypto.com;CEO;Kris Marszalek praised the Singaporean regulator for its approach that ensures responsible innovation in the digital assets industry.
- The license has added a new country to the regions where Singapore received in-principle approvals or permanent licenses for its crypto services, such as France, the U.K., the U.S., Dubai, South Korea, Australia, Italy, Greece, and Cyprus.
Several other crypto companies, including Coinbase and Blockchain.com, also received in-principle approval from the MAS.
- MAS is responsible for overseeing the financial industry in Singapore and implementing regulations related to money, banking, insurance,;securities, and issuance currency.
- Last year, the MAS, famous for its strict stance on the crypto market and stingy attitude toward approving a license, pledged to be brutal and unrelentingly hard on bad conduct;in the crypto industry.