Crypto.com announced that it has received its Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).
This announcement follows Crypto.com “receiving its in-principle approval from MAS in June 2022.” With this license, Crypto.com can “continue to extend its Digital Payment Token (DPT) services to customers in Singapore.”
Kris Marszalek, CEO of Crypto.com, said:
“The Monetary Authority of Singapore is recognized globally as a regulator that ensures responsible innovation of the digital assets sector. We are proud to receive the licence from a regulator that prioritizes consumer protection, safety, and security. We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”
Chin Tah Ang, General Manager, Singapore of Crypto.com, said:
“Singapore continues to be a hub for blockchain and fintech innovation. The Major Payment Institution licence underscores our ongoing commitment to build with the Web3 community in Singapore.”
This latest announcement “continues Crypto.com’s regulatory licence momentum, having received approval in November 2022 for a Major Payment Institution licence for e-money issuance, account issuance, cross border and domestic money transfer services from the Monetary Authority of Singapore; registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France; registration approval as a cryptoasset business from the UK Financial Conduct Authority (FCA).”
In addition to that, “approval of its MVP Preparatory Licence from the Dubai Virtual Assets Regulatory Authority (VARA); Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea; registration approval as a Digital Currency Exchange Provider and Independent Remittance Dealer in Australia by AUSTRAC; an Australian Financial Services Licence and Australian Credit Licence from the Australian Securities and Investments Commission (ASIC).” (among other licenses, approvals).
Founded in 2016, Crypto.com claims it is “trusted by more than 80 million customers worldwide and is the industry leader in regulatory compliance, security and privacy. Our vision is simple: Cryptocurrency in Every Wallet.”
Crypto.com is “committed to accelerating the adoption of cryptocurrency through innovation and empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.”
In another update, it was revealed that Crypto.com announced that Crypto.com App users in the US can now “spend 30+ coins on 150+ top consumer brands across apparel, groceries, electronics, and more — exclusively in the App. Plus, they’ll get up to 10% back in Pay Rewards on every eligible purchase, paid in CRO.”
You may check out the brand directory, which “includes Apple, Nike, Walmart, Ray-Ban, and GameStop, by going to Crypto.com Pay in the App.”
US users can “earn Pay Rewards by using the new One-Time Card feature with these exclusive brands.”
By generating “a single-use One-Time Card, they’re able to conveniently and securely check out with 30+ cryptocurrencies including CRO, BTC, ETH, USDT.”
This feature is “available to Crypto.com App users in the US and rolling out to more markets soon — stay tuned.”
As clarified in the update, only purchases of goods “from specified merchants as designated in the Crypto.com App are eligible for rewards.”
Rewards are “capped at US$100 per user per month. If your payment is cancelled or refunded, any rewards from that purchase will be forfeited.”
This offer is “launched by Crypto.com independently and there is no partnership between Crypto.com and the merchants in this offer.”