Cryptocurrency exchanges are running after licenses as Crypto.com became the latest to receive a license in Singapore, while Winklevoss twins’ Gemini is seeking to apply for one in the United Arab Emirates.
Crypto.com Cements Singapore Presence
Crypto.com announced today (Thursday) that it has received a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). With this, the exchange can offer crypto-related services to residents in Singapore.
The license came after the exchange received in-principal approval from the Singaporean regulator in June 2022.
“We are proud to receive the license from a regulator that prioritizes consumer protection, safety, and security,” said Kris Marszalek, the CEO of Crypto.com. “We look forward to continuing to collaborate with MAS and leading at the forefront of crypto in our home market of Singapore.”
Last November, Crypto.com obtained an e-money license from Singapore’s MAS. The exchange also registered as a Digital Asset Service Provider (DASP) with the French regulator and obtained a UK registration. On top of that, it is regulated, in some form, in several other jurisdictions, including South Korea, Australia, Italy, Greece, Cyprus, the Cayman Islands, and the United States. Now, it is seeking licenses in the UAE and Canada.
Gemini to Enter Middle-East
Meanwhile, Gemini revealed its intentions to apply for a crypto license in the United Arab Emirates.
“By applying for a license, we will be taking another step towards making Gemini a truly global company,” Gemini stated in an announcement. “Our application is our first step towards providing customers in the UAE and beyond with a safe, secure, and easy-to-use platform to engage with crypto.”
1/ We’re coming to the UAE! ????????We’re thrilled to announce that Gemini will soon begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE). pic.twitter.com/Ycdj9RxMbE
— Gemini (@Gemini) June 1, 2023
Moreover, the exchange surveyed and found that more than 35 percent of UAE residents purchased crypto, compared to 20 percent in the US. Further, 32 percent of the non-crypto owners in the country showed interest in digital assets. According to the Crypto.com survey, UAE is only behind Indonesia and Brazil regarding crypto adoption.
“These findings, coupled with our team’s enthusiastic conversations with regulatory stakeholders, startups, and other ecosystem participants this week, have further cemented our interest in investing in the UAE and becoming a part of its crypto community,” the exchange added.
However, Crypto.com did not specify any tentative timeline to launch its UAE operations.
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This article was written by Arnab Shome at www.financemagnates.com.
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