Singapore MAS Greenlits Blockchain.com
- Blockchain.com, has received regulatory approval from the Monetary Authority of Singapore and will now be capable of providing its services to the citizens of the city-state.
- Coinbase, the world’s 2nd biggest crypto exchange after Binance, had also been greenlit by the Monetary Authority of Singapore (MAS) this week.
- From 2020, there are over 180 firms that have applied for a license with the MAS and only 18 of them have been successful.
One of the most prominent and oldest crypto exchanges in the crypto industry, Blockchain.com, has received regulatory approval from the Monetary Authority of Singapore and will now be capable of providing its services to the citizens of the city-state. This approval comes at a time when several crypto firms are experiencing a drop in trading volume and a sharp decline in crypto prices as well.
Another interesting fact to note here is that Coinbase, the world’s 2nd biggest crypto exchange after Binance, had also been greenlit by the Monetary Authority of Singapore (MAS) to operate as a crypto broker in the city-state following which the company hired around 100 employees and an executive stated that the exchange is once again starting to increase its appetite.
Following the approval from financial regulator of Singapore and gaining the Major Payment Institution License offering Digital Payment Token services from the Monetary Authority of Singapore (MAS), Blockchain.com will expand its services and will also employ additional workforce dedicated to the crypto space along with serving service institutional and high net worth investors, project teams and operators in the crypto ecosystem.
“Blockchain.com commends 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.
Additionally, it is also important to note that Blockchain.com is now the eight crypto firm to be officially allowed to operate in Singapore after the approvals given to crypto exchanges DBS Vickers and Independent Reserve, digital payment solution provider FOMO Pay, and crypto-friendly payments app Revolut, along with plenty of other firms.
However, from 2020, there are over 180 firms that have applied for a license with the MAS and only 18 of them have been successful. It seems that the city-state has become an important market for crypto firms and with numerous firms still waiting for a regulatory clearance, exchanges like Blockchain.com and Coinbase are definitely in the lead.
In August 2021, crypto exchange Independent Reserve was the first firm to be approved by the MAS to operate in the city-state and at that time, the firm’s CEO Adrian Przelozny stated that Singapore might prove to be the new crypto hub due to transparent regulations.
“A well-regulated environment will benefit both investors and crypto industry stakeholders. With tailormade rules for the crypto industry, Singapore currently has the clearest and most detailed licencing requirements of any jurisdiction in Asia”Przelozny said.
Additionally, Singapore authorities have become more cautious since the bankruptcy of former crypto hedge fund Three Arrows Capital (3AC) which was exposed to the Terra ecosystem.