Claim BonusAfter Coinbase, Blockchain.com Gets Singapore Crypto License, What’s Next
Following Coinbase’s approval of Singapore license, yet another exchange got the regulatory nod on Thursday. With the new license, Blockchain.com would be able to offer payment services in the country. The move comes amid a favorable environment for crypto community in the South Asian country. Already, several crypto companies originally based in neighboring countries shifted base to Singapore.
Blockchain.com Gets Singapore Crypto License
The latest move adds to Singapore’s growing case of becoming a top hub for crypto community. According to a Reuters report, Blockchain.com is now the 18th such company to receive a crypto license in the country. As many as 180 companies have already applied for crypto payments license from Singapore’s regulators. The country’s payments laws favor the use of digital payments. Singapore’s Payment Services Act allows individual users and institutions to use digital payment token services.
“Blockchain.com has secured an in-principle approval for the Major Payment Institution License offering Digital Payment Token services from the Monetary Authority of Singapore (MAS).”
In a statement, the exchange said it views Singapore as an attractive location for growth prospects. It added that the country allows for growing its global userbase and its workforce. Alongside this approval, Blockchain.com will continue to grow its Singapore office and expand its institutional client roster, the company said in a blog post. Blockchain.com derives half of its business from institutional clients. It has around 84 million wallet holders from 200 countries, it said. Founded in 2011, the exchange currently has around 37 million verified users.
Singapore Regulation ‘Transparent’
Peter Smith, CEO and co-founder of the exchange, felt Singapore’s regulatory process was transparent. “Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.” With the approval, the exchange is set to service institutional and high net worth investors, project teams and operators in the crypto ecosystem, it said.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Why ‘Digital Gold’ Bitcoin Isn’t Rising as Gold Approaches $5,000
- Operation Chokepoint 2.0: Trump Files $5B Lawsuit Against JPMorgan Over Alleged Debanking
- Trump Crypto Adviser Urges Bipartisan Support After Senate Committee Unveils Partisan Crypto Bill
- Bitcoin News: Michael Saylor Hints at Another Purchase After Strategy Crosses 700k BTC
- Breaking: U.S. PCE Inflation Comes In At 2.8% YoY, Bitcoin Reacts
- GME Stock Price Outlook as CEO Ryan Cohen Buys Shares Amid Store Closures
- What’s Next for Bitcoin Price as US Senate Delays CLARITY Act Again?
- Ethereum Price Prediction as Trump Signals Crypto Market Bill Signing soon
- Bitcoin Price Prediction Ahead of Key US Inflation and GDP Data
- XRP Price Forecast as Binance Officially Lists Ripples’s $RLUSD Stablecoin
- Dogecoin, Shiba Inu, and PEPE Predictions as Bitcoin Price Drops Below $90k
