The leading cryptocurrency exchange Blockchain.com received a payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
This marks the company’s second license in the city-state after the in-principle approval secured in September 2022.
- Blockchain.com announced that its recently-obtained authorization in Singapore follows the entity’s strategy to comply with regulators in every region where it conducts business.
- The team behind the exchange said the Asian city-state has emerged as a “profitable trading hub” focused on global institutional and accredited investor clients.
“Over 90 percent of the group’s institutional and accredited investors business is in Singapore,” Rakesh Madamanchi – Blockchain.com’s head of institutional compliance and Singapore operations revealed.
- Another reason why the marketplace views Singapore as a key area is because it serves as its Southeast Asia headquarters. Commenting on the regulatory approval was also CEO Peter Smith:
“We are thrilled to receive this license that will allow Blockchain.com to bring our industry-leading products and services to Singapore, we commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”
- Multiple cryptocurrency exchanges and firms have recently focused on Singapore due to the city-state’s comprehensive regulations.
- Crypto.com, Circle, Paxos, and Ripple are some organizations that have secured authorization there over the past several months.
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