The cryptocurrency exchange Crypto.com has announced that it is deepening its roots in Singapore after receiving “in-principle approval” from the country’s regulator 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,” stated the exchange in a release.
The Monetary Authority of Singapore (MAS) plays a large role in shaping the country’s institutional crypto environment and market.
Crypto.com has more than 50 million customers and also aims to launch its services in Dubai, according to the release.
The move comes as falling prices and a “Crypto winter” triggered mass lay-offs in the sector. The crypto exchange Coinbase announced it was cutting around 1,100 jobs. Meanwhile, BlockFi and Crypto.com too announced layoffs, with Crypto.com CEO Kris Marszalek announcing a reduction of around 260 workers, or 5% of the corporate workforce.
The crypto exchange’s token Cronos [CRO] is up by 2.13% in the past day.