Hassan Maishera
TL;DR
-
Blockchain.com has become the 12th crypto exchange to obtain a license from the Singapore apex bank.
-
The crypto exchange can now provide digital asset services to users in Singapore.
MAS Issues A License To Blockchain.com
Crypto exchange Blockchain.com announced on Monday that it had been granted a payments license from Singapore’s central bank, the Monetary Authority of Singapore (MAS).
Blockchain.com said it received its major payment institution (MPI) license from MAS on Aug. 1. This latest development means that Blockchain.com can provide digital payment token services to institutional and accredited investors.
The license comes after Blockchain.com received an in-principal approval from the bank in September last year.
Blockchain.com is now the 12th cryptocurrency company to become a digital payment token service provider in the country. It joins other prestigious names such as Circle, Independent Reserve, Paxos, Revolut and DBS Vickers.
While commenting on this latest development, Blockchain.com CEO and Co-Founder Peter Smith, stated that;
"We are thrilled to receive this license that will allow Blockchain.com to bring our industry-leading products and services to Singapore, we commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive."
Blockchain.com has been expanding its presence in the broader cryptocurrency space in recent months. In July, the blockchain.com group launched Blockchain.com Pay, a revolutionary white-label crypto on- and off-ramp designed to empower businesses and streamline the process of buying and selling cryptocurrencies for their users.
Singapore is fast becoming one of the leading cryptocurrency countries in the world. On Monday, MAS said it would commit $112 million to support the fintech sector, including Web3 companies.
Cryptocurrency service providers in Singapore are expected to hold customer funds in a statutory trust by the end of the year. MAS is also working on new proposals to restrict crypto providers from facilitating lending or staking of retail customer assets.
