SINGAPORE – A cryptocurrency exchange has teamed up with Singapore charities to enable donations to be made in digital assets.
The charities participating with the Crypto.com exchange are The Salvation Army, Care Singapore, Cycling Without Age Singapore, Minds, Dementia Singapore and Limitless.
Crypto.com said it will help to convert donations made in cryptocurrency into fiat currency. More details will be announced soon.
When asked how it intends to keep funds safe and deal with money laundering risks, Crypto.com said that it places consumer protection “at the very core of its operations”.
The exchange also noted that it has an “ever-growing library” of regulatory and security certifications, such as those from Britain’s Financial Conduct Authority and Dubai’s Virtual Assets Regulatory Authority.
Crypto.com Singapore general manager Ang Chin Tah said helping charities accept donations in digital assets will allow them to reach more tech-savvy donors.
The Monetary Authority of Singapore granted Crypto.com a major payment institution licence in June for digital payment token services.
This allows the exchange to continue extending these services to customers in Singapore, including e-money issuance, account issuance and cross-border and domestic money transfers.
Most of the charities in the new initiative told The Straits Times that they had never received donations in the form of cryptocurrency.
Some, like Limitless, have fielded one or two queries about donations in the form of non-fungible tokens (NFTs).
Just like cryptocurrencies, NFTs exist on decentralised digital ledgers called blockchains.
They are used to represent underlying assets that can be digital or physical, such as artwork, videos and music.
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