Crypto.com, 2 others get in-principle nod for digital payment token licence in SG

Chris Ratcliffe/Bloomberg

The Monetary Authority of Singapore (MAS), on Wednesday, awarded three more in-principle approvals for its digital payment token (DPT) licence.

The awardees will be able to offer services such as cryptocurrency payments and operation of crypto exchanges following the approval.

Under the new Payment Service Act which came into effect in 2020, all providers of DPT services operating in Singapore must be registered and licensed.

While the central bank did not name the applicants, prominent crypto exchange Crypto.com released a statement indicating that it was one of the awardees. The company, which has over 50 million users across the world, also announced that it has received provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Authority (VARA). It also has plans to launch its cryptocurrency exchange in Dubai.

DealStreetAsia understands that trading platforms Genesis and Sparrow Exchange (through its entity Sparrowtech) were also granted in-principle approval by MAS.

The latest announcement brings the number of approvals (which includes licences plus in-principle approvals) to 14. Other DPT licence holders include crypto exchange Coinhako, fintech firm Revolute and DBS Vickers, the brokerage arm of DBS Bank.

MAS has received 196 applications as of end-May for DPT licence. A total of 108 applications are pending review, while three have been rejected, and 74 have been withdrawn.

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