Singapore will be issuing in-principle approvals for Crypto.com, Genesis, and Sparrow Tech to provide digital payment token services in the city-state, even as it maintains a strict cryptocurrency licensing regime, Bloomberg reported.
According to a statement published by Crypto.com on Wednesday, it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License.
Once granted, this license will enable Crypto.com to offer a range of payment services within the Payment Services Act, including Digital Payment Token (DPT) services to customers in Singapore.
The other two firms are Genesis and Sparrow Tech, stated a person with knowledge of the matter.
The three new approvals take the number of crypto firms that have received the regulatory nod to 14, a fraction of almost 200 applicants, writes Bloomberg.
Singapore has become more cautious of cryptocurrencies as policymakers work to protect the country from money laundering and cybercrime. Authorities have also regularly urged retail investors not to invest in the market.
Photo via Wikimedia Commons