Crypto.com receives regulatory green light in Singapore

Crypto.com is getting closer to the possibility of offering more payment services to customers in Singapore. However, the Singapore regulator has warned cryptocurrency players against any kind of abuse.

Crypto.com on Wednesday received approval in principle from the Singapore authorities for its large payment institution license, the first of many regulatory confirmations necessary for the exchange to expand its services in the Asian nation. Obtaining this license will enable Crypto.com to operate under the Payment Services Act and provide digital payment token (DPT) services to customers in Singapore.

The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their principled approval of our application reflects the reliable and secure platform we have worked diligently to build. said Kris Marszalek, co-founder and CEO of Crypto.com on the company’s blog. ” We look forward to continuing our partnership with MAS and deepening our roots in Singapore – a thriving fintech innovation market, known for its well-regulated business environment.. »

Singapore is one of the most crypto-friendly countries, it is a true Asian hub and its regulation is very clear. Moreover mining of bitcoin is regulated there and the energy used is mainly renewable. In addition, Singapore is launching its Guardian project, which could make the country a global financial hub.

This is good news for the crypto.com exchange, which has suffered from attacks on the internet, especially on its image Matt Damon, who has been lynched on twitter since the beginning of bear market.

Berlin, Germany - April 21, 2021: Man with Crypto.com debit card in hand.  Crypto.com is a beginner-friendly crypto-trading platform.

Singapore regulator says it will crack down on abuse

The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, will not tolerate bad behavior in the cryptocurrency industry, according to its fintech chief, Sopnendu Mohanty.

We have no tolerance for bad behavior in the market Mohanty told the Financial Times in an interview published Thursday. ” If anyone has done a bad thing, we are brutal and inexorably harsh. »

Mohanty’s comments come amid turmoil in the cryptocurrency market caused by the collapse of Singapore-based Terraform Labs’ two tokens – terraUSD (UST) and terra (luna) – which wiped out $ 40 billion in wealth investors.

According to Mohanty, the current market turmoil is a result of the whole world being lost in “private money”.

He went on to suggest that MAS will not easily license cryptocurrency companies. The supervisory authority used a due diligence process ” painfully slow “and” extremely draconian for licensing cryptocurrency companies, he said.

Crypto.com’s business is therefore even more impressive, but some companies choose to leave. Like Three Arrows Capital, which plans to relocate its headquarters from Singapore to Dubai.

Singapore positions itself as an important cryptocurrency while imposing strict regulation, it is a wise choice but which risks deterring certain companies that do not have the legal will to comply with this type of jurisdiction. The city of Dubai is therefore becoming a serious competitor to Singapore and these two giants will share a titanic Web 3.0 market.

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Alexis Skate avatar

Alexis Patin

Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trading for 4 years.

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