Crypto.com launches its Visa card in Singapore

abdelaziz Fathi

Crypto.com, a Hong Kong-based cryptocurrency exchange platform, is set to accelerate its growth in the APAC region.

Crypto.com

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.

 

Read this next

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<