The Monetary Authority of Singapore (MAS) has granted the crypto exchange Crypto.com a Major Payment Institution (MPI) license.

The regulatory drive has caught momentum in 2023. While many countries are still skeptical about the Web3 industry, others, like Singapore, are trying to welcome innovation.

Crypto.com Can Now Operate in Singapore 

Today, the exchange announced receiving a license from the central bank and the financial regulator, the MAS. The license will allow Crypto.com to offer its Digital Payment Token (DPT) services to Singapore residents.

In June last year, BeInCrypto reported that Crypto.com received in-principal approvals from the MAS.

A Massive Plus for Web3 Industry

Reacting to this announcement, the vibrant crypto community has different perspectives and opinions. A Twitter user called Aravind wrote:

“Singapore government giving out a license is itself a massive plus for the Web3 Industry”

Some community members have compared Crypto.com’s achievements to those of Binance. Another Twitter user wrote:

“Whilst Binance seem to be losing ground Crypto.com seem to be slowly doing things right and building for the future.”

Binance has been losing its grip on the Australian market and had to wrap up its business in the Canadian market. It also had to cease trading privacy coins in some

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Author: Harsh Notariya

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