Singapore-based cryptocurrency exchange, Crypto.com, announced on June 1 that it has been granted the authorization of a Major Payment Institution (MPI) for the Digital Payment Token (DPT) service by the Monetary Authority of Singapore (MAS).
This announcement comes after Crypto.com received its approval in principle from MAS in June 2022. With the MPI license, Crypto.com is now allowed to offer its DPT service to customers in Singapore.
The Monetary Authority of Singapore is Singapore’s central bank and the main financial regulator. It is responsible for overseeing and implementing laws related to finance, banking, insurance, securities and all financial sectors, including financing.
This new announcement adds to Crypto.com’s track record of securing administrative licenses. The exchange has been registered as a digital asset service provider by the financial regulator of the Autorité des marchés in France and as a crypto currency company by the Financial Conduct Authority in the United Kingdom.
In addition, Crypto.com has received approval for minimum product approval from the Dubai Virtual Assets Regulatory Authority and obtained an electronic business name and service provider registration.
The company has received registration approval as an independent digital currency exchange provider and money transmitter in Australia from the Australian Business and Analysis Center, as well as the Australian Financial Services License and an Australian credit license issued by the Australian Securities and Investments Commission.
The implementation of the legal framework of Crypto.com also extends to the registration in Italy with the Organismo Agenti e Mediatori, in Greece with the Hellenic Capital Market Commission and in Cyprus with the Securities and Exchange Commission. In addition, the cryptocurrency exchange recently expanded its user base in the United States, allowing users to use more than 30 cryptocurrencies to make purchases from a selection of 150 popular brands. him. He released this plan on May 31.