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- 1 The new changes enable crypto-focused companies to offer DPT services within the region.
- 2 On June 01, 2023, the exchange announced that it secured permission to operate as Digital Payment Token Service From Singapore.
Cryptocurrency Exchange Crypto.com obtained Digital Token License in Singapore after receiving in-principle approval in June 2022. The exchange announced on June 01, 2023, that it had got a Major Payment Institution license for Digital Payment Token service from the Monetary Authority of Singapore.
After this license, the cryptocurrency exchange can expand its DPT services to customers in the Singapore region. In an official statement, the exchange mentioned that it could issue e-money, and account issuance, including cross-border payments and domestic money transfers.
The Monetary Authority of Singapore approved after it approved the in-principle license of Crypto.com. The new changes enable crypto-focused companies to offer regional DPT services.
Kris Marszalek, the Chief Executive Officer of Crypto.com, stated that the Monetary Authority of Singapore is a globally renowned authority that ensures responsible innovation in the digital assets sector and foresees for exchange’s further partnerships.
Earlier in the second week of January 2023, the crypto exchange informed that they were making a difficult decision to lay off 20% of employees; it was not the first time the company reduced its workforce.
It is important to note that in June 2022, Crypto.com released its 5% employees because of market volatility and crypto winters. It is claimed that layoffs in the industry are the reflex actions of FTX’s unprecedented demise.
How the FTX Collapse Affected Other Crypto Services
The downfall and subsequent bankruptcy of one of the second biggest crypto exchanges troubled enthusiasts and led them toward decentralized exchanges. To retain users, centralized exchanges constantly get PoR done by private finance firms.
Sam Bankman-Fried’s cryptocurrency exchange filed for Chapter-11 bankruptcy in Mid November 2022, wiping out hundreds of billions of dollars in 78 hours. The downfall of the FTX empire started when some pages of balance went viral on social media.
Over dozens of crypto lenders and hundreds of other companies went bankrupt or have left the sector. In adverse cases, some leading centralized crypto exchanges still play the industry on the front foot.
The crypto industry went through a rough phase in 2022 – many massive storms hit the sea, and many huge ships drowned. As the storm is believed to have settled, survivors inspect their hulls and drop non-essential stuff in the water for survival.
Due to the recent decision by Temasek, it is also one of those firms that want to correct its mistakes linked with FTX investment. FTX was a Bahamas-based crypto exchange founded by Sam-Bankman Fried (SBF).
The company has invested nearly $210 Million in FTX International and $65 Million in FTX U.S. This investment funding was done across two funding rounds from October 2021 to January 2022. The percentage of its investment in FTX is nearly 0.09%, which was quite a
small fraction of Temasek’s fund.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
