Crypto.com, two other crypto firms get in-principle licenses from Singapore

Singapore's Monetary Authority on Wednesday has given out in-principle approval to crypto-focused firms Crypto.com (CRO-USD), Genesis and Sparrow Tech, bringing the firms a step closer to offering its services in the country, The Straits Times reported. If granted full licenses, the firms will be able to offer its crypto-driven services to customers in Singapore. “Crypto assets have more recently been in the spotlight for the wrong reasons,” said Deputy Prime Minister Heng Swee Keat in a video recording at the inaugural Point Zero Forum, as quoted by The Straits Times. “This, however, does not reflect where the greatest value of blockchain and digital assets lies, much of which is away from the retail glare.” The MAS's move comes even as a broad slump in cryptos like bitcoin (BTC-USD) and ethereum (ETH-USD) take hold since late 2021. The MAS "sets a high regulatory bar that cultivates innovation while protecting consumers," stated Kris Marszalek, the