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Singapore

MAS issues in-principle approvals to cryptocurrency firms Crypto.com, Sparrow and Genesis

SINGAPORE: The Monetary Authority of Singapore (MAS) on Wednesday (Jun 22) issued in-principle approvals to three more cryptocurrency firms - Crypto.com, Genesis and Sparrow. 

These three bring the total number of licences and in-principle approvals issued to digital payment token service providers in the past two years to 14.

Among the providers are stablecoin players like Paxos, crypto exchanges like Coinhako and traditional financial institutions like DBS Vickers. 

Deputy Prime Minister Heng Swee Keat announced the approvals during a pre-recorded speech at the opening of the Point Zero Forum in Switzerland. 

"Singapore remains keen to work with blockchain and digital asset players," said Mr Heng, adding that the country is committed to partnering "innovative and responsible" players to grow the Web 3.0 ecosystem and community in Singapore. 

Mr Heng said that crypto assets have more recently been in the spotlight for the "wrong reasons".

"This, however, does not reflect where the greatest value of blockchain and digital assets lies, much of which is away from the retail glare ... the blockchain technology underlying cryptocurrencies has potential to improve wholesale cross-border transactions, where the settlement process is far from simple," he added. 

Co-founder and CEO of Crypto.com, Kris Marszalek said that MAS sets a high regulatory bar that cultivates innovation while protecting consumers. 

"Their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build."

Source: CNA/fh(zl)

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