The monetary authority in Singapore has tentatively approved Crypto.com, Genesis and Sparrow to offer their cryptocurrency payment services in the country.
Love to collaborate with digital asset players
Although it is currently still a preliminary approval, it is expected that this will be converted into a permanent approval. This brings the number of companies in Singapore with such an approval to 14. Singapore Vice Prime Minister Heng Swee Keat said the following:
There are many good use cases within the broader digital asset ecosystem. We must therefore follow the same approach as previous tech waves. Singapore is happy to continue working with blockchain and digital asset players.
High standards associated with licensing
The crypto companies have now received the ‘Major Payment Institution’ license. This allows them to officially offer their cryptocurrency services or digital payment token services in Singapore.
However, high standards are also attached to this. However, these requirements in turn help to promote innovation within the sector. In closing, Crypto.com CEO and Co-Founder Kris Marszalek said the following:
We look forward to continuing to work with regulatory authorities and expanding our roots in Singapore. Singapore offers a thriving market for fintech innovation and is known for its well-regulated business environment. This offers potentially great opportunities.
