The Monetary Authority of Singapore has approved Crypto.com in principle. The company still needs to obtain a license to expand its payment services in the country. Crypto.com’s Cronos token has yet to react to the latest news and continues to consolidate.
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Singapore-based cryptocurrency exchange Crypto.com has announced its first approval of a license that will allow the company to expand its financial services in the city-state.
Crypto.com Approved in Singapore
Crypto.com is moving in the direction of offering more payment services to customers in Singapore.
Crypto.com received in-principle approval for its major payment institution license from Singaporean authorities on Wednesday, the first of many regulatory confirmations the exchange needs to expand its services in the Asian country. Obtaining this license will allow Crypto.com to operate under the Payment Services Act and provide Digital Payment Token (DPT) services to customers in Singapore.
Crypto.com CEO and co-founder Kris Marszalek confirmed that the exchange is working with the Monetary Authority of Singapore (MAS) to help improve the market for fintech innovation. The pair’s goal is to grow Singapore’s Web 3.0 ecosystem and community with the help of local regulators. Marszalek believes the “high regulatory threshold” imposed by MAS fosters innovation while protecting consumers.
This is the second milestone that Crypto.com has achieved in expanding its business in recent months. The cryptocurrency exchange also recently announced that it has received provisional approval from the Dubai Virtual Assets Authority for its virtual asset MVP license. Crypto.com plans to launch a cryptocurrency trading service in Dubai later this year, after the city enacted new cryptocurrency laws in March.
Cronos Token Shows Ambiguity
Crypto.com’s native Cronos token has yet to react to recent news. It continues to consolidate within a parallel channel on its four-hour chart, showing ambiguity. While the outlook remains unclear, technical indicators point to two important CRO price levels to watch.
The $0.12 resistance level is the most important hurdle Cronos will need to overcome to make higher highs. Over the past week, CROs have made several unsuccessful attempts to break out of this supply zone. For this reason, a bullish impulse to push the coin above this level could generate enough momentum to break above $0.135 or even $0.15.
However, the support at $0.11 must be noted. A four-hour close below this demand area could encourage traders to exit long positions to prevent further losses. A surge in selling pressure could take CRO to $0.10.
Disclosure: At the time of writing, the author of this article owns BTC and ETH.
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