Crypto.com is approaching the possibility of offering more payment services to Singapore customers. However, the Singapore regulator has warned cryptocurrency players against any abusive practice.
Crypto.com on Wednesday received in-principle approval from Singapore authorities for its license for the leading payment institution, the first of many regulatory confirmations needed by the exchange to expand its services in the Asian nation. Obtaining this license will allow Crypto.com to operate under the Payment Services Act and to offer digital payment token (DPT) services to customers in Singapore.
” The Monetary Authority of Singapore sets a high regulatory level that nurtures innovation while protecting consumers and their principle approval of our application reflects the trusted and secure platform for which we have worked diligently. Crypto.com co-founder and CEO Kris Marszalek said on the company’s blog. ” We look forward to continuing our partnership with MAS and deepening our roots in Singapore, a thriving market for fintech innovation, renowned for its well-regulated business environment.. “
Singapore is one of the most crypto-friendly countries, it is a true Asian hub and its regulation is very clear. Furthermore, the extraction of bitcoin is regulated there and the energy used is mainly renewable. Additionally, Singapore is launching its Guardian Project which could make the country a global financial hub.
This is good news for the crypto.com exchange which has suffered from attacks on the internet, especially his effigy Matt Damon who has been lynched on Twitter since the beginning of. bear market.
Singapore’s regulator says it will crack down on abuse
The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, will not tolerate misbehavior in the cryptocurrency sector, according to its fintech head Sopnendu Mohanty.
” We do not tolerate any misbehavior in the market Mohanty told the Financial Times in an interview published Thursday. ” If someone has done a bad thing, we are brutal and relentlessly hard. “
Mohanty’s comments come amid the turmoil in the cryptocurrency market caused by the collapse of two Singapore-based Terraform Labs tokens – terraUSD (UST) and terra (luna) – which wiped out $ 40 billion of wealth investors.
According to Mohanty, the current market turbulence is the result of the loss of the entire world in “private money”.
He went on to suggest that the MAS will not easily license cryptocurrency assets. The regulator has applied a due diligence process ” painfully slow ” And ” extremely draconian for the cryptocurrency company license, he said.
Crypto.com’s venture is therefore even more impressive, but some companies are choosing to walk away. Like Three Arrows Capital which plans to relocate its headquarters from Singapore to Dubai.
Singapore is positioning itself as a major crypto place while imposing strict regulation, it is a wise choice but one that risks discouraging some companies that do not have the legal will to comply with this type of jurisdiction. The city of Dubai is therefore becoming a serious competitor for Singapore and these two giants will share a titanic market for Web 3.0.
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Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.