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Singapore Grants In-Principle Licenses to Crypto.com, Two Others
The firms will be able to offer services to Singapore-based customers if granted full licenses.
Updated May 11, 2023, 6:20 p.m. Published Jun 22, 2022, 11:40 a.m.
The Monetary Authority of Singapore (MAS) granted in-principle digital token payment licenses to crypto exchange Crypto.com and two other companies, paving the way for the three firms to offer services in the country.
- The two other companies are Genesis and Sparrow Tech, The Straits Times reported Wednesday, citing a speech by Deputy Prime Minister Heng Swee Keat at the Point Zero Forum in Zurich. (Genesis is a subsidiary of Digital Currency Group, which also owns CoinDesk.)
- MAS "sets a high regulatory bar" and the approval "reflects the trusted and secure platform we have worked diligently to build,” Crypto.com CEO Kris Marszalek said in a statement confirming the license.
- MAS declined to comment on the story. Genesis and Sparrow Tech did not respond to CoinDesk's inquiries at the time of publication.
- Including these three, MAS has granted 14 in-principle licenses to companies looking to provide crypto services to Singapore-based customers. The first full license was granted to FOMO Pay in September 2021.
- The regulator has received 196 applications in total, 74 of which have been withdrawn and three rejected, according to the newspaper.
Read more: New Singapore Crypto Law Requires Overseas-Only Operators to Be Licensed: Report
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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