The Monetary Authority of Singapore (MAS) has granted the crypto exchange Crypto.com a Major Payment Institution (MPI) license.
The regulatory drive has caught momentum in 2023. While many countries are still skeptical about the Web3 industry, others, like Singapore, are trying to welcome innovation.
Crypto.com Can Now Operate in Singapore
Today, the exchange announced receiving a license from the central bank and the financial regulator, the MAS. The license will allow Crypto.com to offer its Digital Payment Token (DPT) services to Singapore residents.
In June last year, BeInCrypto reported that Crypto.com received in-principal approvals from the MAS.
A Massive Plus for Web3 Industry
Reacting to this announcement, the vibrant crypto community has different perspectives and opinions. A Twitter user called Aravind wrote:
“Singapore government giving out a license is itself a massive plus for the Web3 Industry”
Some community members have compared Crypto.com’s achievements to those of Binance. Another Twitter user wrote:
“Whilst Binance seem to be losing ground Crypto.com seem to be slowly doing things right and building for the future.”
Binance has been losing its grip on the Australian market and had to wrap up its business in the Canadian market. It also had to cease trading privacy coins in some European countries such as France, Spain, and Poland.
Lastly, there have been rumors of Binance laying off 20% of its staff in June.
But of course, there are two sides of the coin. While Changpeng Zhao’s exchange is struggling in some jurisdictions, it announced an expansion to Thailand with a regulatory-compliant platform last month.
Read more about global crypto regulations.
Furthermore, it also created a new regulatory-compliant platform in Japan.
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