Crypto.com is getting closer to being able to offer more payment services to customers in Singapore. However, the Singaporean regulator has warned cryptocurrency players about abuse.
Crypto.com received in-principle approval from Singaporean authorities on Wednesday for its major payment institution license, the first of many regulatory confirmations needed for the exchange to expand its services in the Asian nation. Obtaining this license allows Crypto.com to operate under the Payment Services Act and provide 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 principled approval of our application reflects the reliable and secure platform we have worked diligently to build. said Kris Marszalek, co-founder and CEO of Crypto.com on the company’s blog. † We look forward to continuing our partnership with MAS and deepening our roots in Singapore – a thriving market for fintech innovation, known for its well-regulated business environment.† †
Singapore is one of the most crypto-friendly countries, it is a true Asian hub and the regulations are very clear. In addition, the mining Bitcoin is regulated there and the energy used is mainly renewable. In addition, Singapore is launching its Guardian Project, which could turn the country into a global financial hub.
This is good news for the crypto.com exchange that has suffered from attacks on the internet, most notably on its effigy Matt Damon who has since the beginning of the bear market†
Singapore regulator says it will tackle abuse
The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, will not tolerate bad behavior in the cryptocurrency industry, according to fintech head Sopnendu Mohanty.
† We do not tolerate any bad behavior in the market Mohanty told the Financial Times in an interview published Thursday. † When someone has done something bad, we are brutal and relentlessly harsh† †
Mohanty’s comments come amid turmoil in the cryptocurrency market sparked by the collapse of Singapore-based Terraform Labs’ two tokens — terraUSD (UST) and terra (luna) — wiping out $40 billion worth of wealth investors.
According to Mohanty, the current turmoil in the market is a result of the whole world being lost in ‘private money’.
He further suggested that the MAS will not readily license cryptocurrency companies. The regulator applied a due diligence process” painfully slow ” and ” extremely draconian for licensing cryptocurrency businesses, he said.
The performance of Crypto.com is therefore even more impressive, but some companies are choosing to leave. Such as Three Arrows Capital which plans to move its headquarters from Singapore to Dubai.
Positioning itself as a major crypto place while imposing strict regulations, Singapore is a wise choice, but there is a risk of discouraging certain companies that do not have the legal will to comply with this type of jurisdiction. The city of Dubai will therefore become a serious competitor to Singapore and these two giants will share a massive Web 3.0 market.
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Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), crypto trader for 4 years.