Key Takeaways
The Monetary Authority of Singapore has granted in-principle approval to Crypto.com.
The firm still needs to obtain a license to expand its payment services in the nation.
Crypto.com’s Cronos token has yet to react to the recent news and continues to consolidate.
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The Singapore-based cryptocurrency exchange, Crypto.com, has announced the first approval toward a license that will enable the firm to expand its financial services in the city-state.
Crypto.com Receives Approval in Singapore
Crypto.com is edging closer toward offering more payment services to customers in Singapore.
Crypto.com received in-principle approval for its Major Payment Institution License from the Singaporean authorities Wednesday, the first of many regulatory confirmations needed for the exchange to expand its services in the Asian nation. Obtaining this license will allow Crypto.com to operate under the Payment Services Act and offer Digital Payment Token (DPT) services to customers in Singapore.
Crypto.com CEO and co-founder Kris Marszalek confirmed the exchange was working with the Monetary Authority of Singapore (MAS) to help improve the market for fintech innovation. The pair’s goal is to grow the Web 3.0 ecosystem and community in Singapore with the help of local regulators. Marszalek believes in the “high regulatory bar” implemented by the MAS to cultivate innovation while also protecting consumers.
This is the second milestone that Crypto.com has achieved toward expanding its operations in recent months. The cryptocurrency exchange also recently announced it received provisional approval for its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority. Crypto.com plans to launch cryptocurrency trading services in Dubai later this year after the city established new crypto laws in March.
Cronos Token Shows Ambiguity
Crypto.com’s native Cronos token has yet to react to the recent news. It continues to consolidate within a parallel channel on its four-hour chart, presenting ambiguity. Although the outlook remains unclear, technical indicators show two important CRO price levels to pay attention to.
The $0.12 resistance level is the most significant hurdle that Cronos needs to overcome to be able to print higher highs. CRO has attempted to break this supply zone several times over the past week with no luck. For this reason, a bullish impulse that pushes the token past this level could generate enough momentum for a breakout toward $0.135 or even $0.15.
CRO/USD four-hour chart. Source: TradingView
Still, it is imperative to watch out for the $0.11 support level. A sustained four-hour close below this demand zone could encourage traders to exit their long positions to prevent further losses. A spike in selling pressure could then send CRO down toward $0.10.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
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