Crypto company Blockchain․com has been granted a payment license in Singapore that will enable it to provide regulated services for digital assets. The authorization in the city-state, which is a major trading hub for the platform, is part of its efforts to comply with local regulations in the jurisdictions where it operates.
Blockchain․com Receives MPI License From Singapore’s Central Bank
One of the oldest cryptocurrency platforms, Blockchain․com, has obtained a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) on Aug. 1, the company revealed in an announcement on Monday.
The licensing comes after Blockchain․com received in-principle approval from the MAS in September, last year. It will allow it to offer regulated digital payment token (DPT) services to institutional clients and accredited investors globally.
Blockchain․com CEO and co-Founder Peter Smith praised Singapore’s central banking institution for its “transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.” He also emphasized:
We are thrilled to receive this license that will allow Blockchain․com to bring our industry-leading products and services to Singapore.
Blockchain.com’s registration in Singapore is part of a commitment to compliance in the jurisdictions where it operates, the crypto firm pointed out in a statement, adding that the city-state is a “large and profitable trading hub” for its business while it serves as its headquarters in Southeast Asia.
The authorization comes weeks after the company launched its Blockchain․com Pay service, a white-label crypto on- and off-ramp solution enabling businesses to streamline cryptocurrency purchases and sales for their customers.
As one of the earliest crypto platforms, Blockchain․com has been in the market for well over a decade. It is a provider of exchange and wallet services and maintains a blockchain explorer. The firm supports 90 million wallets, has over 40 million verified users, facilitating over $1 trillion in crypto transactions. The company is licensed and registered in a number of jurisdictions.
In early July, Singapore implemented crypto regulations meant to enhance investor protection. These include new requirements for DPT service providers to keep customer assets under a statutory trust before the end of the year. The MAS also said it will restrict their crypto lending and staking activities for retail customers.
Earlier this year, the custody unit of the world’s largest digital asset exchange, Binance, revealed its plan to apply for a permit to offer payment services in Singapore. The move came after Binance Custody was rebranded as Ceffu in November, 2022 and its target market was changed from retail to corporate clients.
Do you expect other major crypto platforms to obtain Singapore’s payment license? Tell us in the comments section below.
