SINGAPORE - Crypto.com has appointed former statutory board executive Ang Chin Tah as its general manager in Singapore, the cryptocurrency platform said in a statement on Thursday (Aug 18).
Most recently, Mr Ang served as head of Digital Industry Singapore (DISG), a joint office of the Economic Development Board (EDB), Enterprise Singapore and the Infocomm Media Development Authority.
DISG's aim is to build a technology ecosystem in Singapore by nurturing talent.
Mr Ang was previously also involved in strategy and policy engagement for the EDB in various international markets.
"Crypto.com will continue to collaborate closely with our public and private sector partners to address critical issues, promote responsible digital asset innovation, and ensure the sustainable growth of Web3 in Singapore," Mr Ang said in a statement.
Web3 has been referred to as the future of the Internet, a space occupied by blockchain technologies and token-based economics.
Singapore-based Crypto.com in June received in-principle approval from the Monetary Authority of Singapore to provide digital token payment services in the Republic.
"I am pleased to welcome Chin Tah, who brings a comprehensive and well-rounded understanding of local market conditions, the competitive landscape, as well as regulatory matters and technological trends," Crypto.com chief executive Kris Marszalek said in the statement.
Mr Ang's appointment comes after Mr Marszalek in June said the exchange will lay off 260 workers, or 5 per cent of its workforce, to ensure continued and sustainable growth for the long term.
Last November, as the price of Bitcoin hit an all-time high of US$69,000, Crypto.com purchased the naming rights of the Staples Centre sports arena in Los Angeles in a deal worth US$700 million (S$968.7 million).
Since then, Bitcoin has fallen by more than 66 per cent to just over US$23,000 on Thursday.
More than a trillion dollars has been wiped off the global cryptocurrency market capitalisation so far in 2022, according to CoinGecko data, after major central banks raised interest rates, prompting investors to ditch riskier assets.
But Crypto.com has continued to expand despite the downturn.
On Wednesday, it received approval from Britain's financial services regulator to offer crypto asset services and products to customers there in compliance with anti-money laundering and terrorism financing rules.
Crypto.com also registered to provide crypto services in South Korea last week and in Italy in July.
