Crypto.com, the world’s fastest-growing cryptocurrency platform, is in no way hindered by ongoing turmoil on the crypto market. As part of its ongoing regulatory reform, Singapore has in principle approved three new companies to provide digital payment token services in the city-state even while the country retains a stringent regulatory regime for cryptocurrencies.
In addition, two additional companies from the crypto industry Genesis and Sparrow have also been granted approval to offer similar services. The latest approval from Crypto.com for a digital token service for blockchain-based payments will allow the exchange to offer customers numerous settlement solutions under the Payment Services Act, including Digital Payment Token (DPT) offerings.
The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build.
Kris Marszalek, Co-Founder and CEO – Crypto.com
In addition, he called Singapore a flourishing market for fintech innovation which can support cryptocurrencies and other technologies. Currently, Crypto.com’s operational performance has been severely impacted by the recent collapse of the crypto market. It was announced earlier this month that the company intends to lay off 260 employees, or 5% of its entire workforce. In spite of this, Marszalek asserted that once the negative trend turns, Crypto.com is ready to take any new wave of growth that comes along.
With the latest approval, there are now 14 cryptocurrency firms that have received “yes” from the MAS. This is, however, a small number compared to the 200 applications which have sought approval throughout the years.
There are more than 50 million Crypto.com users worldwide, and the crypto community continues to grow and expand. It has recently been reported by Crypto.com that it has received provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA) and plans to launch its cryptocurrency exchange service in Dubai within the coming months.
A $100 million accelerator program has been launched recently by Cronos’ blockchain ecosystem to accelerate decentralized finance, Web3 and metaverse projects. A number of prominent investors are supporting the Cronos Accelerator Program, including Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz, and Dorahacks.
