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Crypto.com Wins Major Payment Institution Licence From MAS

MAS has greenlit Crypto.com's application for a Major Payment Institution (MPI) license in Singapore

Crypto.com has received a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).

The license will allow Crypto.com to continue offering its DPT services to customers in Singapore.

Crypto.com obtained an in-principal approval from the MAS in June 2022 and approval for the MPI license in November 2022. The exchange has received various licenses from countries including France, the UK, South Korea, Australia, Italy, Greece, Cyprus, the Cayman Islands, and the US.

“The Major Payment Institution licence underscores our ongoing commitment to build with the Web3 community in Singapore,” said Chin Tah Ang, General Manager, Singapore of Crypto.com.

Currently nine other institutions hold an MPI license for DPT services: DBS Vickers, Digital Treasure Center, Fomo Pay, Independent Reserve, Metacomp, Paxos, Revolut, Sparrow Tech and Hako.

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Crypto.com is on its way to becoming fully operational in Dubai after receiving its preparatory license there. It announced in March that Dubai's Virtual Assets Regulatory Authority (VARA) issued the firm with the minimal viable product (MVP) license.

The full license process involves three stages. Crypto.com received the first provisional permit in June last year. Its latest license is in the second stage.

Crypto.com's MPI approval in Singapore comes as crypto firms seek refuge from the USA's unfriendly regulations, whilst Hong Kong rolls out its crypto-friendly laws as of 1 June 2023.

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