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

The firms will be able to offer services to Singapore-based customers if granted full licenses.

By Eliza Gkritsi

Jun 22, 2022 at 11:40 a.m. UTC

Updated Jun 22, 2022 at 4:29 p.m. UTC

Singapore skyline — MAS has now awarded 14 "in-principle" crypto licenses. (wnjay_wootthisak/iStock/Getty Images Plus)

Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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The regulator has received 196 applications in total, 74 of which have been withdrawn and three rejected, according to the newspaper.

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