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Crypto.com Obtains Regulatory Approval for Payment Services in Singapore

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·2-min read
In this article:
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Key Insights:

  • Crypto.com achieved the regulatory go-ahead in Singapore.

  • The exchange will also bring its Digital  Payment Token (DPT) services to customers in Singapore.

  • Crypto.com’s Cronos has been consolidated for more than a week now.

Expanding to every major part of the world, Crypto.com has achieved approval from the Monetary Authority of Singapore (MAS) as well today.

Thus once the crypto exchange company gets a hold of its Major Payment Institution License, it will be bringing its services to the country.

Singapore To Get a Dose of Crypto.com

Through this license, Crypto.com will be able to offer a range of payment services within the Payment Services Act including Digital  Payment Token (DPT) services to customers in Singapore.

Commenting on the approval, the Co-Founder and CEO  of Crypto.com, Kris Marszalek, said,

“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. 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.” 

This will be the second major country Crypto.com will be gaining access to after it recently received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA).

With more than 50 million customers around the world, Crypto.com has one of the fastest-growing networks in the world, and by adding more countries to its network, Crypto.com is making it stronger further.

But the Growth Is Limited

The growth, while limited, is limited only to Crypto.com’s native token, Cronos (CRO). Facing the bearishness of the market along with the rest of the altcoin, CRO declined by almost 42% this month alone. Currently trading at $0.1143, CRO hasn’t been showing signs of recovery as a sign as it did of a downfall. 

Although at the time of writing, there is slight bullishness visible on the MACD indicator thanks to the appearance of green bars, it is doubtful whether that would be enough to counter the broader market bearish cues.

Thus while Crypto.com heads on to plant posts in another country, CRO will remain consolidated until enough external factors trigger a rise.

This article was originally posted on FX Empire

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