- It took almost a year to complete the process
- The platform passed all inspections and received the rights to provide services
- The exchange had previously obtained licenses in France, the UAE and South Korea
American Crypto.com has been licensed in Singapore to provide digital payment token (DPT) services.. It was issued by the Monetary Authority of Singapore (MAS), the country’s main financial regulator.
It should be noted that it took the company almost a year to process the documents.. This is due to the complicated verification process in that jurisdiction.
The new license will allow Crypto.com to expand its customer base. This is especially important now that trading volumes on centralized exchanges are falling.
Chin Tah Ang will be the general manager of the Singapore branch.. He said the region remains a key hub for blockchain and fintech innovation.
Crypto.com has previously received approvals in a number of other jurisdictions. For example, the platform recently licensed in France, the UAE, South Korea, Australia, Italy, Greece, Cyprus and the Cayman Islands and the United States.
American companies have begun to actively expand international business. This is due not only to the development strategy, but also to the uncertainty in the homeland. So, yesterday, it was announced that Gemini has begun its move to the UAE. And the largest U.S. exchange Coinbase received a license in Bermuda. Experts are already sounding the alarm because the U.S. economy will miss out on revenue if crypto-businesses leave the country.
The U.S. economy will be underfunded if crypto-businesses leave the country.