Crypto.com Bolsters its Regulatory Portfolio with a Fresh MPI License from Singapore’s MAS

Crypto.com, the renowned cryptocurrency exchange headquartered in Singapore, has reported a significant development that underscores its commitment to regulatory compliance. On June 1, the platform declared that it had secured a Major Payment Institution (MPI) license for digital payment token (DPT) services, courtesy of the Monetary Authority of Singapore (MAS). 

This milestone is a testament to the platform’s drive to meet and exceed regulatory expectations, bolstering trust among its burgeoning clientele.

From In-principle Approval to Full Authorization For Crypto.com

This recent success follows the in-principle approval from MAS that Crypto.com received in June 2022. Now armed with the MPI license, the exchange is fully empowered to roll out its DPT services to customers within the city-state.

The MAS functions as the central bank and key financial regulatory authority in Singapore, entrusted with enforcing banking, insurance, securities, money, and the broader financial sector regulations, including currency issuance.

Crypto.com’s Increasing Regulatory Achievements: A Global Overview

This MPI license is yet another addition to Crypto.com’s growing suite of regulatory licenses. Other noteworthy accreditations include its registration as a digital asset service provider by France’s Autorité des Marchés Financiers, and a crypto asset business license from the Financial Conduct Authority of the United Kingdom.

Beyond Europe, Crypto.com has gained approval for its minimal viable product preparatory license from the Dubai Virtual Assets Regulatory Authority. It has also garnered the Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea. 

The exchange also boasts registration approval as a digital currency exchange provider, independent remittance dealer from Australia’s Australian Transaction Reports and Analysis Centre, and an Australian financial services license and Australian credit license courtesy of the Australian Securities and Investments Commission. 

Crypto.com’s scope of regulatory accomplishments also spans registration in Italy with the Organismo Agenti e Mediatori, Greece with the Hellenic Capital Market Commission, and Cyprus with the Securities and Exchange Commission.

Crypto.com’s Increasing User Base and Functionalities

Amid these regulatory strides, Crypto.com has also been making waves with its platform enhancements. Most recently, it broadened its foothold in the US market by enabling users to leverage over 30 cryptocurrencies for purchases with more than 150 reputable consumer brands via its mobile app, a feature unveiled on May 31.

As Crypto.com continues to comply with and secure regulatory approvals across different jurisdictions, it reinforces its reputation as a trustworthy and reliable platform in the digital assets space. 

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