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<p class="is-style-lead">Crypto.com exchange has successfully obtained its major payment institution (MPI) license from the Monetary Authority of Singapore. With the permit, Crypto.com will expand its operations and product offerings nationwide.</p>



<p>Crypto.com, the 22nd-largest bitcoin (<a href="https://crypto.news/bitcoin-price/">BTC</a>) trading venue per <a href="https://coinmarketcap.com/rankings/exchanges/" data-type="URL" data-id="https://coinmarketcap.com/rankings/exchanges/" target="_blank" rel="noopener">CoinMarketCap</a> and digital assets exchange globally, has reached another significant milestone in its global expansion plans, amid gloomy crypto markets and regulatory uncertainties.</p>



<p>Having successfully obtained in-principle<a href="https://crypto.news/singapore-mas-approval-crypto-com-two/"> approval</a> to operate in crypto-friendly Singapore last June, the Kris Marszalek-led exchange has now been granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (<a href="https://crypto.news/singapore-monetary-authority-places-premium-blockchain-technology/">MAS</a>).</p>



<p>With its latest license, Crypto.com, which already has a presence across several jurisdictions, including Dubai, France, and the Cayman Islands, can now <a href="https://www.prnewswire.com/news-releases/cryptocom-obtains-major-payment-institution-licence-from-monetary-authority-of-singapore-301839543.html" target="_blank" rel="noopener">extend</a> its product offerings in Singapore.</p>



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<h2 class="wp-block-heading" id="singapore-fostering-crypto-adoption">Singapore fostering crypto adoption&nbsp;</h2>



<p>Despite <a href="https://crypto.news/finance-minster-says-singapore-will-tighten-crypto-regulation/">signaling plans</a> to tighten its cryptocurrency regulations following the disgraced Sam Bankman-Fried’s FTX scandal, which brought increased <a href="https://crypto.news/singapore-government-undr-fire-ftx-failure/">criticism and scrutiny</a> to the government,&nbsp; Singapore remains one of the global hotspots for web3 businesses.&nbsp;</p>



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<p>In April, Singapore’s central bank and the police <a href="https://crypto.news/singapore-to-help-banks-set-standards-for-vetting-crypto-businesses/">revealed</a> plans to create a framework that would make it easier for banks and other traditional financial institutions within the country to access potential crypto business partners. The move aims to prevent a US-style banking crisis in the region.</p>



<p>So far, many web3 businesses have launched operations in Singapore, including USD Coin (USDC) issuer Circle, Changpeng Zhao’s <a href="https://crypto.news/binance-appoints-former-singapore-exec-as-head-of-regional-markets/">Binance</a>, and others.</p>



<p>Last month, Coinbase <a href="https://crypto.news/coinbase-debuts-feeless-usdc-trading-in-singapore/">launched</a> zero-fee USDC trading for its Singaporean customers, enabling its users to purchase the stablecoin using the Singapore dollar.</p>



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Singapore’s MAS grants license to Crypto.com

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