Following Job Cuts, Crypto.com Wins In-Principal License in Singapore

Following Job Cuts, Crypto.com Wins In-Principal License in Singapore
ALTUMCODE ON UNSPLASH
22 June 2022

With crypto firms facing liquidation left, right and centre, one particular exchange is proving that fortune really does favour the brave.

Singapore-based Crypto.com is the world’s fastest-growing cryptocurrency platform but had struggled to receive approval from Monetary Authority of Singapore (MAS).

On Wednesday, the exchange announced that it had finally been granted an in-principle approval from MAS, entitling it to offer payment services within the Payment Services Act, including Digital Payment Token (DPT) services to customers in Singapore.

The announcement comes just weeks after Crypto.com announced it would be cutting 260 jobs amid the ongoing crypto winter.

Read more: Bybit Latest to Cut Jobs Amid Crypto Winter

Kris Marszalek, Co-Founder and CEO of Crypto.com said the MAS approval “reflects the trusted and secure platform we have worked diligently to build.”

Crypto.com also recently received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA).

Blockhead Team
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