Crypto.com, a Singapore-based cryptocurrency exchange, has reached yet another regulatory milestone. They were successful in obtaining a license from the Monetary Authority of Singapore (MAS) to provide digital payment token services. This license permits Crypto.com to provide digital payment services to Singapore customers.
Singapore’s central bank and financial regulatory authority is the MAS. It is in charge of overseeing the financial industry and enforcing financial legislation. They basically have a massive reach in banking, insurance, and securities, among other things.
Crypto.com has recently made a number of efforts in order to broaden its reach as much as possible. In France, the exchange has already been registered as a digital asset service provider. In addition, they have already registered as a DeFi business in the United Kingdom. Crypto.com has also received approvals in South Korea, Australia, Italy, Greece, and Cyprus.
The recent licensees obtained by the MAS represent a big milestone for the company in providing even more possibilities for people residing in the country.
🚀 https://t.co/Lky2NSOKzu gets MAS licence to offer digital payment token services to #Singapore customers.
— Walletor (@walletorapp) June 1, 2023
Customers in Singapore will now be able to use Crypto.com’s services to execute transactions involving digital payment tokens.
Furthermore, the company has increased its user base in the United States by allowing consumers to make purchases using more than 30 different cryptocurrencies. On their platform, they have 150 popular consumer brands.
The corporation has set its eyes on controlling the sector by obtaining registration and licenses in additional nations. Crypto.com’s expansion initiatives and regulatory achievements are critical as cryptocurrency acceptance continues to expand.
Conclusion
Overall, crypto.com’s recent permission to accept payments in Singapore is a significant step forward for the company. They continue to grow at a rapid pace, attaining new milestones each time. This achievement boosts its credibility and offers up new options for Singapore users. It also makes sure that the users engage in a secure and convenient way.
