Crypto.com Obtains Major Payment Institution License from MAS

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SINGAPORE Singapore-based cryptocurrency exchange, Crypto.com, claims to have obtained a Major Payment Institution License for Digital Payment Token (DPT) services from authorities here.

With the license, it can continue to expand its DPT services to Singapore customers, including e-money issuance, account issuance and cross-border and domestic money transfers, the exchange said in a statement on Thursday.

This comes a year after the Monetary Authority of Singapore (MAS) handed approval in principle to the company.

Crypto.com Managing Director Kris Marszalek noted that MAS is recognized globally as a regulator that ensures responsible innovation in the digital asset industry and said the exchange looks forward to greater collaboration.

Mr. Ang Chin Tah, Managing Director of the company in Singapore, said the Republic continues to be a hub for blockchain and fintech innovation and the license underscores our continued commitment to building with the community. Web3 in Singapore.

Crypto.com was founded in 2016 by Mr. Bobby Bao, Mr. Gary Or, Mr. Marszalek and Mr. Rafael Melo.

Following last year’s crypto crashes, including the fall of major exchange FTX, activity has been curtailed in 2023. The current market rout has sparked a wave of bankruptcies, layoffs and corporate bankruptcies. companies around the world.

In January, Crypto.com announced that it would cut its global workforce by around 20% amid industry-wide challenges caused by the FTX meltdown.

The layoffs at the company would be the second in about six months after cutting 260 jobs in July 2022 to cope with the macroeconomic slowdown amid rising interest rates.

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