06-24-2022 icon

Crypto.com secures compliance license from Singapore regulatory body

By Lucy Adegbe

Popular Singapore-based crypto trading platform Crypto.com has obtained an in-essence compliance from the financial regulatory authority of the Republic of Singapore for its main payment institution permit. 

The permit will allow the platform the legal freedom to render a series of payment services in the region. 

On June 22nd, Crypto.com made public the compliance license it received from the nation’s financial authority which is essential for rendering virtual expense token services according to the principles of Singapore’s Payment Services Acts.

The statement, which was made by co-owner and CEO of the trading platform, Kris Marszalek, highlighted the firm’s devotion to cooperating with the financial authority with words about the Financial Authority of Singapore setting “a high regulatory bar that cultivated innovation while protecting customers.”

He further explained that their in-essence compliance to the license application “reflects the trusted and secured platform we have worked diligently to build. We look forward to continuing to collaborate with the authorities and deepening our roots in Singapore  – a flourishing market for fintech innovation, renowned for its well-regulated business environment.”

Crypto.com had earlier announced the pro-tem compliance of a digital asset permit from the Dubai Virtual Assets Regulatory Authority. The firm was also the first amongst others to obtain Maltas Class 3 digital assets permit.