Global crypto exchange, Crypto.com has obtained its Major Payment Token (MPT) license in Singapore. According to an announcement by the firm, the license issued by the Monetary Authority of Singapore (MAS) will enable it to offer Digital Payment Token (DPT) services in the country.
It is worthy of note that Crypto.com is aiming to fully maximize the potential of the Singapore market. Its latest license comes barely a year after it obtained in-principle approval in the country. According to the exchange, it aims to offer the DPT services in compliance with existing laws in Singapore.
Kris Marszalek, CEO of Crypto.com described MAS as a widely recognized regulator, notable for its innovative governance of the digital asset industry. Marszalek commends MAS for prioritizing consumer protection, safety, and security. He added that Crypto.com is ready to work with the regulator to ensure the development of the home market of Singapore.
General Manager with Singapore of Crypto.com, Chin Tah Ang said Singapore has proven to a hub for blockchain and fintech innovation. The exec also talked about the license, saying it underscores the exchange’s unrelenting dedication to build with the web3 community in the country.
Crypto.com and its quest for global expansion
In the past few years, Crypto.com has been showing significant efforts towards expanding its offerings across the globe. Last March, it secured a Minimal Viable Preparatory (MVP) license in Dubai. Before securing this license, it initially got a provisional approval in the country. Also, the exchange also obtained a Digital Asset Service Provider (DASP) license in France. Other countries in which the exchange has secured regulatory approvals include United Kingdom, Cyprus, Australia, South Korea and many more.
However, it suffered a little setback in its quest for expansion owing to the bear market that plunged several crypto firms into financial issues. With Crypto.com, the situation forced it to execute 20% layoff of its workforce in January, 2023. Meanwhile, the layoff was the second one carried out by the exchange within just a few months. Recall that the first round manifested in June after the collapse of Terra and other economic conditions plunged the market to a bear state. But, the latest layoff from the firm manifested following the collapse of FTX which worsened the conditions of the market. According to findings, Crypto.com had $10 million exposure to the troubled exchange.