Cryptocurrency platform Crypto.com has obtained in-principle approval from Singapore’s essential market regulator for its Main Cost Establishment License.
Granted by the Financial Authority of Singapore (MAS), the license allows firms to supply various fee companies inside the Cost Companies Act.
Kris Marszalek, co-founder and CEO of crypto.com, mentioned the corporate was trying to deepen its roots in Singapore.
The corporate announcement comes days after receiving provisional approval of its Digital Asset MVP License from regulators in Dubai. As soon as the Dubai Digital Belongings Regulatory Authority (VARA) grants the license, Crypto.com can present its alternate companies to Dubai residents.
Crypto.com was one of the three firms that obtained in-principle approval for the DPT license in Singapore.
Deputy Prime Minister Heng Swee Keat mentioned these approvals mirror Singapore’s need to work with blockchain and digital asset gamers.
With the three new additions, Singapore has granted licenses and in-principle approvals to 14 DPT service suppliers. On the finish of Might, the Financial Authority of Singapore obtained a complete 196 functions for its DPT license.