Crypto.com, a Hong Kong-based cryptocurrency exchange platform, is set to accelerate its growth in the APAC region.
Crypto.com has become an associate program member in Singapore, which will enable the company to initiate self-issuance of its Visa card in-market.
Crypto.com Visa Card, which is already available in more than 30 countries, offers users in some countries up to 8% cashback on spending, airport lounge access, and 100% subscription rebates for Spotify, Netflix, and Amazon Prime. To further sweeten the offering, there are no annual or monthly fees or ATM withdrawal fees.
Starting with the direct issuance of its crypto-linked card in Singapore, Crypto.com is unveiling a raft of new initiatives to boost engagement as the local market becomes ripe for disruption. Looking ahead, Singapore customers can expect further payment features and digital services to be introduced over time.
Speaking of the development, Crypto.com Co-Founder and CEO Kris Marszalek said: “Providing customers more ways to engage with cryptos as a mode of payment for goods and services is core to our mission at Crypto.com” said Kris Marszalek, CEO of Crypto.com. “We are excited to deepen our global partnership with Visa to further enhance our offerings.”
Regulators in Singapore said they may implement consumer protections for crypto investors, which could include suitability tests, curbs on leverage trading and credit facilities. They have also repeatedly warned retail investors against putting their money in the market.
Nevertheless, MAS has updated its regulatory framework for crypto-related activities, including digital payments. The country’s Payment Services Act (PSA) covers all crypto businesses and exchanges based in Singapore, bringing all crypto activities under anti-money laundering and counterterrorist-financing rules.
Crypto.com, which claims 50 million users worldwide, regularly ranks in the top five global exchanges by spot volume and says its matching engine supports 2.7 million transactions per second with 50 microsecond core latency.
As ambitious as it may sound, Crypto.com has secured regulatory nods in multiple jurisdictions. Most recently, the firm received the FCA’s go-ahead to launch its services in the UK.
The regulatory stamp comes a few weeks after Crypto.com gained approvals in South Korea, Italy and Cyprus to act as a provider of virtual currency and digital wallet services. The European licensing requires the firm to adhere to strict financial standards under the MiFID II framework, including the segregation and protection of client funds, full transparency of its business operations and capital adequacy controls.