Crypto.com gets approval to offer payment services in Singapore from the Monetary authority of the country. It is a step in the right direction to expand operations in Southeast Asia. The license acquired by Crypto.com is called the “Major Payment Institution License” and allows firms to offer services in Singapore without any significant restrictions. It falls under the country’s Payment Services Act and permits the company to operate digital payment token services.
Singapore is becoming a hotspot for crypto companies
I still wouldn’t say Singapore has completely become a global crypto hub, but they are on the right track. The country’s monetary authority is taking licenses seriously, and even though it’s challenging to get, companies are obtaining them. Alongside Crypto.com, Genesis and Sparrow Tech have also won the licenses recently. The Monetary Authority of Singapore stated that they want to become a “responsible global crypto hub.”
The standards set by Singapore to acquire these licenses are high. So, users can rest assured that the platforms they use on government’s approval are safe, and so is their money. In Singapore, only 14 companies could get the license out of the 200 applicants. The factors that affect whether someone will receive it or not are risk and the type of services offered by them.
The deputy prime minister of Singapore said they are adoptive of blockchain and the digital assets industry. They want to support the WEB3 industry by becoming a responsible hub for digital asset companies. The strict licensing structure means only the best of the best will be able to operate in the country.
Singapore is the second most crypto-friendly nation
A report from Coincub shows that Singapore is the 2nd most crypto-friendly nation in Q1 2022. Before this, they were at the no 1 spot; however, the current licensing laws and strict regulations have pushed it to number 2. At the same time, they have restricted companies from running crypto ads outside their website. So, it has made it difficult for them to increase their reach and user base in the country.
You might be wondering if Singapore is no longer the top crypto-friendly nation, then which country is? Coincub says it is Germany.
What are your thoughts as Crypto.com gets approval to offer payment services in Singapore? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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