Singapore Grants In-Principle Licenses to Crypto.com, Two Others

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The Monetary Authority of Singapore (MAS) granted in-principle digital token payment licenses to crypto exchange Crypto.com and two other companies, paving the way for the three firms to offer services in the country.

• The two other companies are Genesis and Sparrow Tech, The Straits Times reported Wednesday, citing a speech by Deputy Prime Minister Heng Swee Keat at the Point Zero Forum in Zurich. (Genesis is a subsidiary of Digital Currency Group, which also owns CoinDesk.)

• MAS "sets a high regulatory bar" and the approval "reflects the trusted and secure platform we have worked diligently to build,” Crypto.com CEO Kris Marszalek said in a statement confirming the license.

• MAS declined to comment on the story. Genesis and Sparrow Tech did not respond to CoinDesk's inquiries at the time of publication.

• Including these three, MAS has granted 14 in-principle licenses to companies looking to provide crypto services to Singapore-based customers. The first full license was granted to FOMO Pay in September 2021.

• The regulator has received 196 applications in total, 74 of which have been withdrawn and three rejected, according to the newspaper.

Read more: New Singapore Crypto Law Requires Overseas-Only Operators to Be Licensed: Report