Singapore-based cryptocurrency exchange Crypto.com has recently reached a major milestone in its licensing process with the Monetary Authority of Singapore (MAS). On Thursday, the exchange announced obtaining its Major Payment Institution (MPI) license for digital payment token (DPT) services.
Crypto.com’s CEO Kris Marszalek said: “The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector.” MAS is respected by the cryptocurrency community for its high approval standards, establishing itself as a reputable regulator. MAS is tough on misconduct in crypto industry and has approved prominent companies like Coinbase and Blockchain.com after rigorous review.
Crypto.com’s Compliance Achievements: Approved by MAS, Coinbase, and Blockchain.com
The MPI license is only the latest in Crypto.com’s long list of achievements in regulatory compliance. The exchange is registered as a digital asset service provider by France’s Autorité des Marchés Financiers and the UK’s FCA. Crypto.com received approval for its minimal viable product preparatory license from the Dubai Virtual Assets Regulatory Authority, registration approval as a digital currency exchange provider and independent remittance dealer in Australia from the Australian Transaction Reports and Analysis Centre, and an Australian financial services license and Australian credit license from the Australian Securities and Investments Commission, to name a few.
Furthermore, Crypto.com has recently broadened its user base in the United States, allowing US customers to utilize over 30 cryptocurrencies to make purchases across a selection of over 150 renowned consumer brands through their app. As part of its expansion plan, the exchange has also announced a new strategic banking partnership with Standard Chartered. This collaboration allows Singaporean retail customers to transfer funds between their Coinbase accounts and any domestic bank for free.
MAS’s Coordination with Enterprise Singapore to Evaluate Crisis Impact
However, MAS has discouraged retail cryptocurrency trading since it began tightening crypto regulations. Singapore’s Senior Minister Tharman Shanmugaratnam emphasized MAS’s caution on cryptocurrencies and discouraged retail investors due to their risks.
The sudden collapse of Silicon Valley Bank and Signature Bank revealed major crypto exposure, including businesses based in Singapore. MAS stated its close coordination with Enterprise Singapore to evaluate crisis’s impact on businesses within and outside the island state. The agency noted, “The initial feedback indicates that the impact is limited. MAS and other government agencies will continue to monitor the situation closely for any signs of stress.”
Global Cryptocurrency Market Cap Surpasses $1 Trillion
Despite the discouraging sentiment, the cryptocurrency market is still very much alive. Bitcoin and Ethereum gained in the last 24 hours, and many altcoins are also trading positively after a challenging week. The global cryptocurrency market cap is currently above $1 trillion.
Crypto.com’s latest success is yet another example of Singapore’s commitment to responsible innovation and financial regulation. MAS aims to be a reputable regulator setting high approval standards for companies, enabling cryptocurrency industry to flourish in Singapore. Crypto.com’s achievement in acquiring its MPI license is undoubtedly another significant milestone in the cryptocurrency sector.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.