Singapore Central Bank Awards Payments License to Blockchain.com
- The Monetary Authority of Singapore granted Blockchain.com a major payment institution license.
- As per an August 7 announcement from Blockchain.com, the license was granted on August 1.
- The MPI license follows an in-principle approval received by the firm in September 2022 from the MAS.
- Singapore is now Blockchain.com’s hub for the firm’s operations in Southeast Asia.
The central bank of Singapore has granted a payments license to a prominent cryptocurrency financial services company, Blockchain.com. The city-state has emerged as one of the leading hubs for crypto firms, along with the special administrative region of Hong Kong. Interestingly, the payments license gives the crypto firm an edge over its competitors.
According to the official announcement from Blockchain.com on August 7, the Monetary Authority of Singapore, also known as MAS, has provided a major payment institution (MPI) license to the crypto firm on August 1. This follows an in-principle approval received by the firm in September 2022 from the MAS.
The press statement confirmed that the MPI license will allow Blockchain.com “to provide regulated digital payment token (DPT) services to its global institutional and accredited investor customers.”
“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,” said Blockchain.com CEO and Co-Founder Peter Smith.
According to Blockchain.com, obtaining the MPI license from the MAS in Singapore is part of its “broader commitment to compliance and regulation in every jurisdiction where it conducts business.” The city-state also serves as the crypto firm’s hub of operations for Southeast Asia, a region that is gradually becoming the new attraction for crypto businesses.
It is crucial to note that this announcement comes not very long after Blockchain.com launched Blockchain.com Pay, described as “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.”
As reported earlier by BitcoinWisdom, earlier this year, Blockchain.com announced the suspension of its asset management service just a few months after its opening. The crypto exchange filed for the removal of the asset management arm from the UK register on March 5, while the application is dated February 15. Also, the crypto firm had an exposure of $270 million to the now-bankrupt crypto hedge fund Three Arrows Capital, or 3AC.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
