SINGAPORE – Singapore-based cryptocurrency exchange Crypto.com says it has been granted a major payment institution licence for digital payment token (DPT) services from the authorities here.
With the licence, it can continue to extend its DPT services to customers in Singapore, including e-money issuance, account issuance and cross-border and domestic money transfers, the exchange said in a release on Thursday.
This comes a year after the Monetary Authority of Singapore (MAS) handed out an in-principle approval to the firm.
Crypto.com chief executive Kris Marszalek noted that MAS is recognised globally as a regulator that ensures responsible innovation of the digital asset sector and said the exchange looks forward to more collaboration.
Mr Ang Chin Tah, the company’s Singapore general manager, said the Republic continues to be a hub for blockchain and fintech innovation and that the “licence underscores our ongoing commitment to build with the Web3 community in Singapore”.
Crypto.com was founded in 2016 by Mr Bobby Bao, Mr Gary Or, Mr Marszalek and Mr Rafael Melo.
Following last year’s crypto crashes, including the fall of prominent exchange FTX, activity has been muted in 2023. The ongoing market rout has triggered a wave of bankruptcies, layoffs and company failures across the globe.
In January, Crypto.com announced that it would reduce its global workforce by about 20 per cent amid industrywide challenges brought on by FTX’s collapse.
The layoffs at the firm would be the second round in about six months after it cut 260 jobs in July 2022 to weather the macroeconomic downturn amid rising interest rates.
SINGAPORE – Singapore-based cryptocurrency exchange Crypto.com says it has been granted a major payment institution licence for digital payment token (DPT) services from the authorities here.
With the licence, it can continue to extend its DPT services to customers in Singapore, including e-money issuance, account issuance and cross-border and domestic money transfers, the exchange said in a release on Thursday.
This comes a year after the Monetary Authority of Singapore (MAS) handed out an in-principle approval to the firm.
Crypto.com chief executive Kris Marszalek noted that MAS is recognised globally as a regulator that ensures responsible innovation of the digital asset sector and said the exchange looks forward to more collaboration.
Mr Ang Chin Tah, the company’s Singapore general manager, said the Republic continues to be a hub for blockchain and fintech innovation and that the “licence underscores our ongoing commitment to build with the Web3 community in Singapore”.
Crypto.com was founded in 2016 by Mr Bobby Bao, Mr Gary Or, Mr Marszalek and Mr Rafael Melo.
Following last year’s crypto crashes, including the fall of prominent exchange FTX, activity has been muted in 2023. The ongoing market rout has triggered a wave of bankruptcies, layoffs and company failures across the globe.
In January, Crypto.com announced that it would reduce its global workforce by about 20 per cent amid industrywide challenges brought on by FTX’s collapse.
The layoffs at the firm would be the second round in about six months after it cut 260 jobs in July 2022 to weather the macroeconomic downturn amid rising interest rates.