Singapore will issue in-principle approvals to three more firms to provide digital payment token services in the city-state even as it maintains a stringent licensing regime for cryptocurrencies.
Crypto.com was among the companies that got the nod from the Monetary Authority of Singapore, according to a statement from the firm on Wednesday. The other two firms are Genesis and Sparrow Tech, according to a person with knowledge of the matter, confirming a Straits Times report earlier.
The three new approvals take the number of crypto firms that have received the regulatory nod to 14, a fraction of almost 200 applicants. Singapore has been turning more cautious toward cryptocurrencies as policymakers seek to ring fence the nation from money laundering and cyber crime. Authorities have also repeatedly warned retail investors against putting their money in the market.
“We must continue to build trust through regulatory guardrails, while encouraging innovation and realising gains,” Heng...
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