Crypto.com exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. obtains a Principal Payment Institution License from the country’s main financial regulator.
- Crypto.com received approval from Monetary Authority of Singapore
- The license allows you different payment services in the country
- Includes digital digital technologies are these electronic tools that have the ability to generate, store or even process data. payment token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. services
The leading cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange based in Singapore, Crypto.com received the approval in principle of the Monetary Authority of Singapore (MAS) for your Primary Payment Institution License.
Once granted, this license will allow Crypto.com offer a range of payment services under the Payment Services Act, including digital payment token (DPT) services to Singapore customers.
“The Monetary Authority of Singapore sets a high regulatory standard that cultivates innovation while protecting consumers, and its in-principle approval of our app reflects the trusted and secure platform a place to buy, sell and store cryptocurrency we have worked diligently to build.” said Kris Marszalek, co-founder and chief executive officer of Crypto.com. “We look forward to continuing our collaboration with MAS and deepening our roots in Singapore, a thriving market an area or arena, online or offline, in which commercial dealings are conducted. for fintech innovation, renowned for its well-regulated business environment.”
The Payment Services Act came into force in 2019, introducing the categories of small payment institutions and large payment institutions. In order to obtain the following licenses, companies are required to comply with a number of legal requirements, as well as to act in accordance with anti-money laundering and anti-terrorist financing legislation, account an account is essentially a whose purpose is to track the financial activities of a specific asset/ Cointelegraph.
Singapore and crypto
It’s worth noting that Singapore has been taking a number of steps to sort out the crypto market. One of them, which started this year, is the restriction of crypto advertising. Also closed ATMs ATM Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. .
At the same time, the Monetary Authority of Singapore announced earlier this month the start of the project. Guardian, a collaborative initiative with the financial industry which seeks to explore the economic potential and value-added use cases of asset tokenization. In this project, MAS partnered with leading banks and financial services firms to explore the uses of asset tokenization and decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance (DeFi). Singapore’s DBS Bank and banking giant JPMorgan will be the entities participating in the pilot of the first project.
For its part, Crypto.com continues to expand, but in a regulated regulation is when something is controlled by a specific set of rules. manner. In June, Crypto.com reported provisional approval of its virtual asset license by the Dubai Virtual Assets Regulatory Authority and plans to launch a new virtual asset trading platform. your exchange service there . In 2021, the exchange became the first cryptocurrency company to receive Malta’s Class 3 Virtual Financial Asset License.
But at the same time it expands, has been one of the exchanges in reducing staff, given the current crisis.
Version of DiarioBitcoin
Imagen de Unsplash