The London-based crypto exchange, Blockchain.com, has acquired an in-principal approval License from the Monetary Authority of Singapore (MAS) to offer crypto services in the country.
The crypto exchange CEO and Co-Founder Peter Smith didn’t lag from breaking the news rushing to Twitter to say,
“In the last three months, we’ve obtained new registrations and licenses in the US, Grand Cayman, Italy, and now Singapore- outstanding work by the team. Just keep building.”
The approval comes a few days after its rival crypto exchange Coinbase, gained in-principal support from the MAS to offer its services in the region. However, Blockchain.com stated that it would keep servicing its investors and project teams revolving around its crypto ecosystem.
Singapore has become a target for most crypto companies due to its proximity to various regional markets in Asia. According to the world meter elaboration of the United States data, Singapore’s demographic statistics is approximately 5 million residents, entices most crypto companies to venture into the city-state market to carry out their businesses.
However, the crypto exchange noted that it views Singapore as the most advanced and attractive market to invest in expanding its institutional customers and team. The firm also stated that it would stay rooted in the regulations and obtain the licenses in an authorized manner to keep on with its businesses.
The regulatory nod from Singapore’s central bank makes Blockchain.com the 18th licensed firm to operate in Singapore out of 180 companies that have applied for registration since 2020 but haven’t yet met the MAS’s strict regulatory requirements. The firms licensed in the Southern Asian state to offer digital asset services include Coinbase, DBS Vicker’s and Independent Reserve, and digital payment solution provider FOMO Pay.
Nevertheless, Smith acknowledged the country’s regulators for making a transparent regulatory process that allows innovation to take the lead. The CEO added:
“Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”
Blockchain.Com Focus On Business
Last month, Blockchain.com acquired provisional regulatory approval to operate in Dubai. The company signed a contract with Dubai’s Virtual Assets Regulatory Authority (VARA), the state’s new digital regulation agency, to open up an office in the Emirates. The company’s move shows its focus on expanding its businesses in Asian markets.
According to a news report, the platform obtains fifty percent of its business from institutional clients and has 84 million wallet holders and retail customers from approximately 200 countries. Blockchain.com was founded in 2011 as a crypto wallet and is a significant crypto exchange valued at $ 14 billion.
Apart from Blockchain.com, other crypto exchange firms have shown their desire to expand their services globally. Early this month, Binance acquired a permanent business license in Kazakhstan. The authorization enabled the firm to offer digital asset exchange and conversion services, deposit and withdrawal of fiat exchanges, and exchange trading, among other services in the country.
Crypto.com firm also secured significant regulatory approval in France, marking its successful expansion into the European market. The French support adds to the list of permissions the mobile-first digital asset exchange acquired this year, allowing the San Francisco-based crypto firm to offer its services in the country.
The expansion of Binance, Crypto.com, and Coinbase into these new markets is a testament to the efforts made by the digital asset platforms to increase their areas of operation. As the bear market continues, it is expected that more registrations and license applications will be seen across major global markets as firms prepare for the next bull run.
