- Blockchain.com has received a payment institution license from the Monetary Authority of Singapore (MAS) after securing an in-principle last year.
- The license grants Blockchain.com the authority to operate as a platform facilitating the exchange of various Digital Payment Tokens while conducting DPT transactions.
- The crypto company joins Singapore’s digital payment token service providers, including Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers.
In a press release on August 7, a leading cryptocurrency exchange Blockchain.com received a payment institution license from the Monetary Authority of Singapore (MAS). This achievement is noteworthy as it follows the in-principal approval the exchange had received from the central bank in October 2022.
With the newly acquired MPI license, the platform is now authorized to provide “digital payment token” (DPT) services to institutional clients and investors in Singapore. Singapore holds a particular position as the Southeast Asian headquarters for Blockchain.com. The company has articulated its plans to capitalize on the country’s stature as a thriving trading hub, especially for over-the-counter (OTC) spot and agency execution involving global institutional and accredited investor clients.
Blockchain.Com Joins Singapore’s Digital Payment Token Service Providers
Nonetheless, under the regulatory framework of MAS’s Payment Service Act, the license grants Blockchain.com the authority to operate as a platform facilitating the exchange of various DPTs while conducting DPT transactions. An exciting facet of the license is that it liberates the crypto exchange from certain transaction volume limitations set within Singapore, as outlined on MAS’s official website.
With this full license, Blockchain.com has joined the ranks of Singapore’s twelve recognized DPT service providers. These platforms include Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers.
Blockchain.com group CEO and Co-Founder Peter Smith, who will be a keynote speaker at Token2049 Conference in Singapore on September 13, commented on the regulatory approval in Singapore.
Smith said:
“We are thrilled to receive this license allowing Blockchain.com to bring our industry-leading products and services to Singapore. We commend the Monetary Authority of Singapore on its transparent regulatory process prioritizing crypto industry oversight while allowing innovation to thrive.”
The company has recently launched Blockchain.com Pay, a revolutionary white-label crypto on- and off-ramp designed to empower businesses and streamline buying and selling cryptocurrencies for their users.
Established in 2011, Blockchain.com boasts a reputable standing as one of the crypto industry’s pioneers. It’s most well-known for its Bitcoin blockchain explorer and wallet service. With a user base of 87 million active wallets and 37 million verified customers, the exchange claims that it accounts for a large chunk of all Bitcoin network transactions.
Terrapay Platform Obtains the Same License as Blockchain.com
TerraPay, a payments company, successfully obtained the same license as Blockchain.com. As a result, local and international companies, including those in the cryptocurrency sector, can utilize the network and infrastructure the company provides in more than 200 countries.
Ambar Sur, the Founder, and CEO of TerraPay has given his remarks concerning the license, noting:
“I am incredibly proud of the comprehensive network of partners, employees, countries, and licenses we have established worldwide, enabling us to offer simplified payment services for everyone. Obtaining approval in Singapore is a game-changer, solidifying our position as a leading cross-border payments powerhouse in one of the most significant financial markets globally.”
Blockchain.com’s recent acquisition of the MPI license from MAS is a testament to the exchange’s growth trajectory and Singapore’s vision of becoming a leading crypto hub.
