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Singapore, June 1, 2023–According to announcements made by Crypto.com, the Monetary Authority of Singapore (MAS) granted Crypto.com a Major Payment Institution (MPI) license for its Digital Payment Token (DPT) services. This followed the company’s principle of sanction from the MAS in June of the previous year, which allowed Crypto.com to extend its DPT services to its Singaporean clientele.
Kris Marszalek, the chief executive officer of Crypto.com, was pleased to receive a licence from a globally renowned regulator like MAS, which is renowned for its stringent standards and emphasis on consumer protection, safety, and security. Marszalek reaffirmed his eagerness to continue collaborating with MAS and lead the charge in the cryptocurrency sector in Singapore, the company’s home market.
The General Manager of Crypto.com in Singapore, Chin Tah Ang, commented on Singapore’s position as a global epicenter of blockchain and fintech innovation. Ang emphasized that the MPI license only reinforces the company’s dedication to fostering Web3 development in the Singaporean community.
Crypto.com’s impressive record of regulatory license acquisition has continued to grow. MAS has previously granted company sanctions for e-money issuance, account issuance, and both international and domestic money transfer services. They have been recognized by a number of prestigious regulatory bodies around the world, including the Autorité des marchés financiers (AMF) in France, the UK Financial Conduct Authority (FCA), the Dubai Virtual Assets Regulatory Authority (VARA), the South Korean Electronic Financial Transaction Act and Virtual Asset Service Provider, AUSTRAC in Australia, the Australian Securities and Investments Commission (ASIC), Italy’s Organismo Agenti e Mediatori (OAM), and Greece’s National Securities and Exchange Commission (CNSE).
Trust and Growth: Crypto.com’s MPI License Impact
The acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) for Digital Payment Token (DPT) services signifies a substantial stride for Crypto.com in fostering global cryptocurrency adoption. With this license, Crypto.com can extend its DPT services to the tech-forward Singaporean market, providing a new gateway for digital asset users and enthusiasts in the region. This move also lays the groundwork for the company to broaden its reach, enabling crypto enthusiasts globally to engage more readily with digital currency.
The license embodies more than a mere expansion of services; it also represents trust and security. Cryptocurrencies, while promising, are often met with skepticism due to their volatile nature and regulatory concerns. However, a recognized license from a reputed regulatory body, such as the MAS, provides users with the confidence that they are transacting within a safe, secure, and regulated environment. Crypto.com’s regulated standing can accelerate global adoption by alleviating some of these concerns and providing a trusted platform for individuals to embark on their cryptocurrency journey.
This licensing development reinforces Crypto.com’s commitment to compliance and consumer protection, which are important facets of the rapidly growing and evolving market. As more people join the crypto ecosystem, it is paramount for them to have access to platforms that are not just innovative but also trustworthy and user-friendly. By fostering a strong culture of regulatory compliance, Crypto.com can ensure a secure and protected environment for its users, which in turn promotes broader participation and the increased global adoption of cryptocurrencies.
Looking ahead, Crypto.com’s MPI license acquisition signals positive growth in the global crypto community. A blend of regulatory compliance, security, and broad service offerings will empower more users to tap into the benefits of digital assets. With crypto’s potential to democratize finance and stimulate financial inclusion, Crypto.com’s regulatory-approved platform will play a vital role in enabling global users to explore and leverage the benefits of this transformative technology. Through these concerted efforts, Crypto.com is truly making strides towards their mission of bringing “Cryptocurrency in Every Wallet.”
Since its opening in 2016, Crypto.com has gained the trust of more than 80 million customers worldwide. The company’s mission is to promote the widespread adoption of cryptocurrencies as pioneers in regulatory compliance, security, and privacy. Crypto.com is committed to nurturing innovation and assisting the next generation of builders, creators, and entrepreneurs to cultivate a more equitable digital ecosystem.
Crypto.com is one of the foremost digital asset platforms in the world and is committed to promoting global adoption of cryptocurrencies. The company intends to increase the use and accessibility of digital currencies through a variety of innovations and services, including crypto-payment solutions, trading services, and investment services.
These licenses not only allow Crypto.com to offer its services in a variety of jurisdictions but also increase the level of consumer trust and confidence in the platform. Users feel secure knowing that they are interacting with a platform that adheres to international regulatory standards and is completely regulated.
The mission statement of Crypto.com, “Cryptocurrency in Every Wallet,” demonstrates the company’s dedication to equipping everyone with the resources and services necessary to access and utilize cryptocurrencies. It believes in a future decentralized and more equitable digital ecosystem that it intends to help shape.
