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Registered in Caymanislands, the cryptocurrency trading platform Crypto.com has successfully completed a one-year pre-licensing test period and received approval for operations in Singapore.
On June 1, the company received a master payment institution (MPI) license for digital payment token (DPT) services from the Monetary Authority of Singapore (MAS).
"MAS is recognized worldwide as a regulatordriving responsible innovation in the digital asset sector. We are proud to be licensed by a regulatory agency that places the highest priority on consumer protection, security and integrity,” said Crypto.com Exchange CEO Kris Marszalek.
The MAS license will allow the Crypto.com exchange to provide citizens of the city-state with a full range of cryptocurrency services, including opening accounts, as well as cross-border and domestic money transfers.
In January, Crypto.com management announced it was laying off 20% of its staff due to negative market conditions caused by the collapse of FTX.