Crypto.com, a prominent crypto exchange, has secured authorization from the Monetary Authority of Singapore (MAS) in the case of the Major Payment Institution License thereof. With the respective license, the venue will be given a series of payment services being provided throughout the country. Crypto.com declared recently that the MAS provided the authorization, which is mandatory for the organizations that intend to offer the Digital Payment Token facilities according to the agenda of the Payment Services Act of Singapore.
In the declaration, the CEO and co-founder of Crypto.com – Kris Marszalek – endorsed the commitment of the firm to move according to the MAS’ instructions. in a statement, he stated that the Singaporean monetary authority has placed a strict regulatory hindrance that encourages innovation while shielding customers, and the present in-principle approval provided by it presents the secure as well as a reliable way to operate the platform that they have constructed with devoted efforts.
He added that they will keep on cooperating with the monetary authority and expand their operations within Singapore, which is known as an advancing market in terms of fintech innovation, as well as an adequately regulated business atmosphere. The implementation of the Payment Service Act took place in 2019, presenting the classes of small payment organizations as well as the big payment organizations.
To get the respective licenses, there is a requirement for the enterprises to abide by several legal demands, along with the act that provides legislation shielding against terror financing as well as money laundering. It was reported by Crypto.com that this June a provisional authorization of its license for virtual assets was sanctioned on the behalf of the Dubai Virtual Assets Regulatory Authority.
Formerly in the previous year, the exchange turned into the earliest crypto firm that received a Class 3 Virtual Financial Assets License in Malta. Recently, the firm launched an accelerator program of up to $100M to speed up the metaverse Web3 as well as decentralized finance-based projects by the blockchain ecosystem thereof named Cronos.
A few of the most famous investment collaborators at the back of Cronos Accelerator Program take into account Dorahacks, Altcoin Buzz, AP Capital, OK Blockchain Capital, IOSG Ventures, Spartan Labs, and Mechanism Capital. It remains to be seen how the crypto institutions (with such advancing measures) endure the ongoing decline that started recently and is engulfing the whole market.