The Singapore MAS regulator granted Crypto.com exchange an in-principle approval, which means now the exchange can provide services to Singaporean customers so let’s read more today in our crypto news.
The leading digital asset exchange Crypto.com recieved an in-principle approval from the Monetary Authority of Singapore to provide payment services in the Asian state. The regulator also gave a green light to the two additional companies as a part of the industry Genesis and Sparrow to over similar services. The Singapore MAS regulator added that Crypto.com can now offer services for the citizens of the city-state and the exchange explained that this approval will enable the exchange to offer plenty of settlement solutions within the Payment Services Act including the Digital Payment Token services for Singaporean clients. Commenting on the license was Kris Marszalek as the CEO and co-founder of the platform.
“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build.”
He described Singapore as a flourishing market for fintech innovation where crypto assets and other technology could thrive. Crypto.com was severely affected by the recent crash of the crypto market and earlier this month, the company said it plans to lay off 260 employees or up to 5% of the total workforce but when the negative trends turn, Crypto.com will be ready to dive in and capture the wave of growth.
Apart from the exchange, the MAS gave its approval to the Genesis digital asset broker and the crypto to trading venue Sparrow and just like Crypto.com they will be able to provide DPT services in the country under the new regulatory regime. Deputy Prime Minister Heng Swee Keat added:
“We must continue to build trust through regulatory guardrails while encouraging innovation and realizing gains.”
The latest approvals took the number of crypto companies that got the green light from the MAS to 14 and now this is still a small fraction of the 200 applicants which sought the watchdog’s approval over the years. A few months ago, Ravi Menon as the head of the MAS outlined the watchdog’s ambitions to run the city into the crypto hub, and in his view, the goal could be achieved by applying comprehensive regulations for the sector. Menon argued that criminals can use digital assets in the illegal activities they perform which means that the rules should be stringent.
Last month, Singapore’s top financial regulator joined forces with the local monetary industry and introduced Project Guardian with the initiative being led by the biggest domestic bank, DBS Bank and JPMorgan Chase.
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