Tuesday, October 4, 2022

Crypto.com Taps License From the Monetary Authority of Singapore

There seems to be a more positive outlook for the Singapore-based exchange, Crypto.com as it receives excellent news today. The exchange has received in-principle approval from the Monetary Authority of Singapore (MAS) for a license. As announced earlier, the requested license will serve the trading platform to operate as Major Payment Institution in the country.

Although this is not the full provision of the license, Crypto.com is deepening its root in Singapore. The current approval allows for the offering of several services which align with the Payment Service Act. Once the license is issued, the renowned exchange will be allowed a wide range of services including Digital Payment Token (DPT) services.

The Monetary Authority of Singapore which is the country’s central bank is an institution that is particular about consumer protection and innovative solutions. Financial compliance and transparency are a few of the regulatory standards which the bank institutes. The central bank is charged with the responsibility of regulating all payment services and issuing financial operation licenses.

Kris Marszalek, the CEO, and Co-Founder of Crypto.com celebrates the credibility and integrity of the exchange. He says the decision of the MAS to grant approval is obviously an acknowledgment of the exchange’s good work. Applauding Singapore as a home of advanced financial technology and regulated markets, Marszalek openly declared that Crypto.com is looking forward to more collaborative business with MAS.

Crypto.com Charges Forward in the Cryptosphere 

Earlier this year, Crypto.com experienced a $34 million hack that happened a couple of months ago. Several of its customers, up to 434 were affected by the cyber theft.

The two-factor authentication (2FA) was bypassed without authorization and access was gained to the accounts of the users where over $34 million was stolen. Ethereum (ETH), Bitcoin (BTC), and other cryptocurrencies made up the whole sum that was stolen. Still, the crypto ecosystem for the exchange has had a favorable outlook for the rest of the year.

Shortly after the sad incident, the exchange was endorsed as the official sponsor for the 2022 FIFA World cup.

Crypto.com was the only crypto firm chosen as an official sponsor of the global event. Other sponsors were Coca-cola, Visa, and Adidas. One of the perks for Crypto.com is that its logo will be displayed throughout the event alongside that of the other brands. The exchange seems to be clinching more exciting deals as the year progresses.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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