Singapore grants Crypto.com in-principle approval toward offering payment services

The Singapore-based cryptocurrency exchange Wednesday said the approval toward a license will eventually allow it to offer a range of payment services in the city-state.

See related article: Singapore warms up to crypto industry — on its own terms

Fast facts

• Crypto.com has received an in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License, the firm said in a press release on Wednesday.
• If the license is granted, Crypto.com will be able to offer payment services under the Payment Services Act, including Digital Payment Token (DPT) services to customers in Singapore.

• The approval comes as Bybit received an in-principle approval to conduct crypto business in the UAE with FTX and Binance acquiring crypto licenses in Dubai.

• Crypto.com received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA) and plans to launch its cryptocurrency exchange service in Dubai. 

• In April, MAS managing director Ravi Menon said the city’s licensing process is stringent as it wants to be seen as a “responsible global crypto hub.”

See related article: Caught between a rock and a hard place, Singapore tightens crypto oversight