NewsletterAfter 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.
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