In an exciting development for the cryptocurrency sector, leading exchange Blockchain.com has secured regulatory approval in Singapore, making it one of the few crypto firms to achieve this status. This comes as a result of the Monetary Authority of Singapore (MAS) granting Blockchain.com a payment institution (MPI) license.
A Second License in the Lion City
This is not the first time Blockchain.com has gained recognition from the MAS. In September 2022, the crypto exchange received an in-principle approval, marking its first foray into the regulatory landscape of the city-state. The recent MPI license is a clear indication of the company’s commitment to comply with regulations in all regions where it operates.
Singapore: A Profitable Trading Hub
The Asian city-state of Singapore is emerging as a preferred destination for Blockchain.com, primarily due to its status as a profitable trading hub. The company’s Head of Institutional Compliance and Singapore Operations, Rakesh Madamanchi, revealed that over 90 percent of the group’s institutional and accredited investor business is based in Singapore. The city-state also serves as the Southeast Asian headquarters for Blockchain.com, further cementing its importance to the firm.
CEO Comments on the Achievement
Blockchain.com’s CEO, Peter Smith, expressed his excitement about the regulatory approval. He commended the MAS for its transparent regulatory process that strikes a balance between industry oversight and fostering innovation. He believes the license will enable Blockchain.com to introduce its industry-leading products and services to Singapore.
The trend of securing regulatory approval in Singapore is not unique to Blockchain.com. Other crypto firms, including Crypto.com, Circle, Paxos, and Ripple, have also obtained authorization in the city-state in recent months, demonstrating Singapore’s growing importance in the global crypto landscape.
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