Blockchain.com, a prominent cryptocurrency exchange, has been officially awarded a payments license by the Monetary Authority of Singapore (MAS), the country’s central bank.
Singapore Central Bank Grants Payments License to Crypto Exchange Blockchain.com
Announced on August 7th, Blockchain.com‘s major payment institution (MPI) license was granted by MAS on August 1st. This pivotal license empowers the platform to offer digital payment token services to accredited investors and institutional clients, marking a significant milestone for the exchange.
Blockchain.com‘s comprehensive license follows its initial in-principal approval from MAS in September of the previous year.
Having secured this license, Blockchain.com becomes the twelfth provider of digital payment token services in Singapore. It joins the ranks of other service providers, including Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers.
MAS has been actively granting approvals in the crypto sector, exemplified by the recent in-principal approval granted to blockchain-based payments company Ripple for an MPI license in June.
In a parallel development, Circle, the issuer of the USD Coin (USDC), received its own MPI license in June, approximately seven months after securing in-principle approval. This underscores the growing momentum of the crypto industry in the country.
Singapore, in its bid to solidify its status as a crypto hub, has undertaken initiatives such as committing $112 million to support the fintech sector, including Web3 entities. In July, MAS introduced new regulations mandating crypto service providers to hold customer funds in a statutory trust by year-end. Further measures are being devised to restrict crypto providers from enabling lending or staking of retail customer assets.
A report from Galaxy Digital in July revealed that while the United States continued to dominate crypto startup funding in Q2 2022, Singapore-based crypto firms ranked third globally, following behind the United Kingdom.
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