Skip to main content
June 2022
CURRENT ISSUE
AAM Magazine
June 2022
Back to news

Singapore okays three more crypto players, two local and one from the US

Deputy Prime Minister Heng Swee Keat says Singapore remains “keen to work with blockchain and digital asset players”
By Goh Thean Eu   
June 24, 2022

Singapore’s central bank has given the green light to three more crypto service providers, including Crypto.com and another local firm, and US digital currency brokerage Genesis.

Deputy Prime Minister Heng Swee Keat announced the number of new approvals at the opening of a crypto conference on June 22 without identifying the firms.

Crypto.com issued a statement after the speech, saying it had secured approval in principle from the Monetary Authority of Singapore, the city state’s central bank and financial regulator.

New York-based Genesis and Sparrow Exchange, a Singapore-based digital asset trading platform, have also received approval in principle, according to various news reports.  

In its statement, Crypto.com says once it gets the licence, it will be able to offer a range of services within the Payment Services Act, including digital payment token services to customers in Singapore.

The new winners bring the total number of approved crypto service providers in Singapore to 14.

Heng, who is also the city state’s coordinating minister for economic policies, says the other 11 include crypto exchanges, stablecoin players and traditional financial institutions.

“We continue to assess new applications,” he says, adding that Singapore remains “keen to work with blockchain and digital asset players”.

“We are committed to partner innovative and responsible players to grow the Web 3.0 ecosystem and community in Singapore and we will facilitate live experiments through regulatory sandboxes, including testing the feasibility of asset tokenisation,” he says.

Web 3.0 refers to a decentralised internet to be run on blockchain technology to keep users’ information safe. It would give ownership stakes in platforms and applications to users rather than to technology giants controlling the platforms.