The Singapore-headquartered cryptocurrency platform Crypto.com has successfully obtained a Major Payment Institution Licence from the Monetary Authority of Singapore (MAS), marking a significant regulatory milestone for one of the world’s leading crypto exchanges.
This license authorizes Crypto.com to continue offering digital payment token (DPT) services to customers in Singapore, reinforcing its compliance with the country’s strict financial regulations. Digital payment tokens, commonly known as cryptocurrencies, are now under formal oversight in Singapore, and this development underscores Crypto.com’s commitment to operating within a secure and regulated framework.
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Regulatory Approval Strengthens Market Trust
The new license replaces Crypto.com’s previous in-principle approval, which was granted by MAS in June 2022. With the full Major Payment Institution Licence now in place, the company can offer a broader range of payment services—including domestic and cross-border money transfers, e-money issuance, and DPT transactions—without being subject to monthly transaction limits.
Under MAS regulations, payment service providers are categorized based on the scale and type of services they offer:
- Standard Payment Institution Licence: For firms handling multiple payment services with combined monthly transaction volumes below S$6 million.
- Major Payment Institution Licence: For larger operators exceeding that threshold or providing more comprehensive services across categories.
By securing the higher-tier license, Crypto.com demonstrates both its operational scale and adherence to rigorous anti-money laundering (AML), cybersecurity, and consumer protection standards mandated by MAS.
A Strategic Win Amid Industry Challenges
The crypto industry has faced significant turbulence in recent years. The so-called "crypto winter" that began in 2022 saw major collapses, including FTX and Celsius, while even industry giants like Binance scaled back operations in key markets. In Singapore, Binance exited its local exchange business, and Luno announced plans to withdraw from the market in June 2023.
Despite these headwinds, regulated platforms like Crypto.com are positioning themselves for long-term sustainability. This latest development aligns with MAS’s cautious but progressive approach to fintech innovation—encouraging responsible growth while safeguarding financial stability.
Crypto.com joins a select group of licensed crypto firms in Singapore, including Coinbase, which received similar approval in October 2022. Out of nearly 180 applications submitted since 2020, only a fraction have been fully approved, highlighting the stringent evaluation process involved.
Why Regulatory Compliance Matters
MAS has consistently emphasized that cryptocurrencies are not legal tender and carry high risks for retail investors. Former MAS Managing Director Ravi Menon has publicly stated that digital tokens are unsuitable as everyday currency due to their volatility and speculative nature.
However, MAS also recognizes the potential of blockchain technology and digital assets when properly regulated. The Payment Services Act (PSPA), implemented in 2020, established a clear legal framework for DPT providers, requiring them to safeguard user funds, prevent illicit activities, and maintain transparent operations.
For users, this means greater confidence when using licensed platforms. They benefit from:
- Clear dispute resolution mechanisms
- Mandatory disclosure of risks
- Enhanced fund segregation and custody practices
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Crypto.com’s Global Reach and Local Impact
Founded in 2016, Crypto.com has grown into one of the world’s most recognized cryptocurrency exchanges, serving over 80 million users globally. The company offers a wide ecosystem that includes a trading platform, non-fungible token (NFT) marketplace, decentralized finance (DeFi) tools, and its own blockchain network—the Cronos Chain.
Its strong presence in Asia, particularly in Singapore, reflects a strategic focus on markets with clear regulatory pathways. By securing full licensing under MAS, Crypto.com enhances its credibility not only locally but also across international jurisdictions where regulators look to Singapore as a benchmark for fintech governance.
This achievement also supports broader adoption of digital assets in a region where financial innovation is accelerating. As more users seek access to crypto-based services—from remittances to decentralized applications—licensed providers play a crucial role in bridging traditional finance with emerging technologies.
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Frequently Asked Questions (FAQ)
Q: What is a Major Payment Institution Licence?
A: Issued by MAS, it allows companies to provide multiple payment services—including digital token transactions—without transaction volume caps. It requires strict compliance with AML, cybersecurity, and capital adequacy rules.
Q: Does this mean cryptocurrencies are legal in Singapore?
A: While not recognized as legal tender, cryptocurrencies are permitted under regulation. MAS allows licensed firms to offer DPT services under the Payment Services Act, provided they meet all compliance requirements.
Q: How does this affect Crypto.com users in Singapore?
A: Users gain increased protection through regulated operations, including fund safeguards and transparent business practices. They can confidently engage in crypto trading knowing the platform meets national financial standards.
Q: Is Crypto.com the only crypto firm licensed by MAS?
A: No. Other firms like Coinbase have also received licenses. However, out of nearly 180 applicants since 2020, only a small number have achieved full approval, reflecting MAS’s high bar for licensing.
Q: Can I use Crypto.com for everyday payments in Singapore?
A: Yes—Crypto.com offers a Visa card linked to users’ crypto balances, allowing spending at merchants worldwide. With its MAS license, such services operate under formal oversight, enhancing trust and reliability.
Q: What risks should users still be aware of?
A: Regulatory approval reduces operational risks but does not eliminate market volatility. Cryptocurrencies remain highly speculative; users should understand price fluctuations and only invest what they can afford to lose.
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Looking Ahead: The Future of Regulated Crypto Platforms
As global regulators continue refining their approaches to digital assets, Singapore stands out for its balanced stance—fostering innovation while prioritizing consumer protection. For platforms like Crypto.com, obtaining full licensing isn’t just about compliance—it’s about building long-term trust.
The path forward will likely see increased collaboration between traditional financial institutions and compliant crypto firms, especially in areas like tokenized assets, central bank digital currencies (CBDCs), and cross-border payments.
For investors and users alike, choosing regulated platforms ensures participation in an ecosystem that values transparency, security, and accountability—principles that will define the next era of finance.
In an industry often marked by uncertainty, regulatory milestones like this signal a shift toward maturity and mainstream acceptance.