Crypto.com Secures Major Payment Institution License from MAS

Table of Contents

• Crypto.com Bags Another Regulatory Greenlight
• Crypto.com Forced to Cut Staff Following FTX Collapse

Crypto exchange Crypto.com announced it had been granted a Major Payment Institution license (MPI) for Digital Payment Token (DPT) services from Singapore’s MAS.

On Thursday, Singapore-based cryptocurrency exchange Crypto.com announced that it received its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

We're excited to share our latest regulatory achievement in one of the world's leading crypto hubs, #Singapore 🇸🇬https://t.co/vCNztATSCO has been granted the Major Payment Institution Licence by The Monetary Authority of Singapore @MAS_sg

Learn more:https://t.co/4PwkuGgsnr pic.twitter.com/AklwjP2Z4C

— Crypto.com (@cryptocom) June 1, 2023

In a press release, company CEO Kris Marszalek said:

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 licence 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 announcement comes a year after the exchange received in-principle approval from MAS in June 2022. Securing this license means Crypto.com can continue offering its DPT service to Singaporean customers.

Crypto.com Bags Another Regulatory Greenlight

The regulatory approval from Singapore’s MAS adds to the exchanges list of regulatory permission. Crypto.com received a Payment Institution License from Brazil’s central bank in December. In its announcement, the exchange also detailed its global regulatory status:

In recent months, Crypto.com has received in-principle approval of its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), regulatory approval as a Digital Asset Service Provider by the Autorité des marchés financiers (AMF) in France, registration approval as a cryptoasset business from the UK Financial Conduct Authority (FCA), provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority (VARA), Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea, a pre-registration undertaking with the Ontario Securities Administration in Canada, among others.

Crypto.com Forced to Cut Staff Following FTX Collapse

The collapse of the crypto exchange FTX caused widespread industry turmoil, and Crypto.com was not immune.

In January, the exchange announced that it would cut its staff by 20% due to the “significant damage” caused by FTX. The company further cited economic difficulties spurred by the overall market downturn as the reason for its decision.

Kris Marszalek said at the time:

We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.