Cryptocurrency platform Crypto.com announced today that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License.

Once granted, this license will enable Crypto.com to offer a range of payment services within the Payment Services Act, including 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 in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build,” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “We look forward to continuing to collaborate with the MAS and deepening our roots in Singapore – a flourishing market for fintech innovation, renowned for its well-regulated business environment.”

Crypto.com continues to actively grow and expand its ecosystem, with more than 50 million users worldwide. Crypto.com also recently announced that it has received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA) and plans to launch its cryptocurrency exchange service in Dubai.