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Market News Crypto.com Obtains Regulatory Approval for Payment Services in Singapore

Crypto.com Obtains Regulatory Approval for Payment Services in Singapore

Today, Crypto.com, which is expanding to all significant regions of the world, received authorisation from the Monetary Authority of Singapore (MAS).

Skylar Shaw
2022-06-23
504

Today, Crypto.com, which is expanding to all significant regions of the world, received authorisation from the Monetary Authority of Singapore (MAS).


Thus, the cryptocurrency exchange corporation will start offering its services in the nation as soon as it has its Major Payment Institution License.

Singapore Will Receive a Crypto.com Dose

With the help of this license, Crypto.com will be able to provide consumers in Singapore with a variety of payment services that fall under the Payment Services Act, including services for Digital Payment Tokens (DPT).


The co-founder and CEO of Crypto.com, Kris Marszalek, commented on the approval, saying, "The Monetary Authority of Singapore sets a high regulatory bar that fosters innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have diligently worked to build. We anticipate strengthening our ties to Singapore, a thriving market for fintech innovation known for its well-regulated business environment, and working with the MAS in the future.


After recently receiving preliminary approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority, this will be the second significant nation that Crypto.com will be getting access to (VARA).


With more than 50 million clients worldwide, Crypto.com has one of the fastest-expanding networks in the industry, and by including additional nations into its network, it is strengthening it even more.

The growth is modest

The growth is exclusively confined to Cronos, the native coin of Crypto.com (CRO). CRO fell by about 42% this month alone as a result of the market's bearishness, which also affected the other altcoins. CRO, which is currently trading at $0.1143, hasn't been exhibiting indications of a rebound as much as a decline.


Although the MACD indicator is now showing some modest bullishness due to the arrival of green bars, it is questionable if this would be sufficient to counteract the overall negative market signals.


Therefore, CRO will continue to consolidate until enough outside causes cause a surge, while Crypto.com moves forward with plans to establish postings in another nation.

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