Blockchain.com becomes the second crypto firm after Coinbase to obtain a license and operate its crypto services in Singapore.
This week has been overwhelming for the cryptocurrency industry as several crypto firms, one after one, get approval to offer their crypto services across the world. Singapore continues to provide approval to crypto firms for the expansion of its crypto industry in the city-state and gather more investors to invest in the sector. On Wednesday, a leading crypto exchange giant and wallet provider Blockchain.com, backed by investors like Lightspeed Venture Partners, announced that it successfully gained a Digital Payment Token license from the Monetary Authority of Singapore (MAS) to offer its crypto services.
Blockchain.com Becomes The Second Crypto Firm To Obtain Approval This Week
According to the report, Blockchain.com gains the in-principle approval to operate digital asset-related operations that fall under Major Payment Institution (MPI) license. The news came just a day after the NASDAQ-listed crypto giant Coinbase received its license to offer the same services in Singapore.
As of January 2022, the number of legal crypto firms operating in Singapore surged to 18, while nearly 180 firms applied to the Government of Singapore for a crypto payment license approval. According to a post, Blockchain.com views Singapore as an excellent spot to expand its institutional client base and build an office in the Southeast Asian economy to further drive its crypto plans and operations in Singapore.
The city-state’s central bank, the Monetary Authority of Singapore (MAS), is cautious toward approving crypto licenses as it seeks to prevent crypto-borne crimes such as money laundering and cybercrimes and frauds. Singapore’s regulatory body requires additional consumer protection and wants exchanges to comply with Anti-Money Laundering measures before getting a crypto license.
Singapore Aims For A New High In The Crypto Space
CEO and Co-Founder of Blockchain.com Peter Smith said, “Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”
This year Singapore has signaled green to crypto exchanges despite the increased regulation and scrutiny of the crypto space. The Monetary Authority of Singapore (MAS) seeks to widen the crypto adoption in the city-state by gathering more crypto giants and industry players to drive the goal further. Singapore is specifically interested in the Decentralised Finance (DeFi) sector of the industry and its use cases for improving wholesale borrowing lending processes through the blockchain technology, including Ethereum. The main target is to utilize the booming crypto industry in government-related products to build a better economic infrastructure in Singapore.
It looks like the UK-based firm is following the trails of other crypto leaders in the industry that have recently gained licenses, including Coinbase, Crypto.com, digital asset manager Genesis and blockchain solution provider Sparrow. Blockchain.com, guided by CEO and co-founder Peter Smith, is ambitious and looks optimistic about the future of the firm as it registered over 73 million crypto wallets and nearly 31 million verified users across 200 countries. The crypto firm also claims that it acquires a market share of 28% of all Bitcoin transactions.
