Singapore-headquartered Crypto.com announced that it has received its Major Payment Institution (MPI) licence for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS) on Thursday.
Brands and Business Magazine
With this licence, Crypto.com can continue DPT services for Singapore customers.
“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,” said Kris Marszalek, CEO of Crypto.com, according to a statement on the company’s website.
Chin Tah Ang, General Manager, Singapore of Crypto.com, said the licence underscores the platform’s ongoing commitment to build with the Web3 community in the city-state.
Crypto.com, founded in 2016 by Bobby Bao, Gary Or, Marszalek and Rafael Melo in 2016, has over 80 million customers worldwide and is the industry leader in regulatory compliance, security, and privacy.
Data from MAS’ Financial Institutions Directory show that 231 Money-Changing, 13 Standard Payment Institutions, and 175 Major Payment Institution licenses had been issued. Of these, only ten companies were permitted to provide DPT services.