Crypto Exchange Blockchain.com Receives Major Payment Institution License in Singapore
Crypto exchange Blockchain.com has announced that it has received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Blockchain.com to extend its Digital Payment Token (DPT) services to institutional customers and investors in Singapore.
Key Points:
- Blockchain.com received its in-principle approval from Singapore’s central bank in October 2020.
- The MPI license ensures that Blockchain.com complies with security, compliance, technology risk management, and audit requirements.
- The license puts Blockchain.com among other DPT service providers in Singapore, such as Crypto.com, Paxos, Circle, and Revolut.
- Singapore is known for its stringent regulations around cryptocurrency-related activities.
- MAS has committed up to SG$150 million to support fintech solutions like Web3.
This regulatory license is a significant milestone for Blockchain.com, demonstrating its commitment to adhering to regional norms and ensuring financial and operational protocols.
Hot Take:
The issuance of the MPI license by the Monetary Authority of Singapore is a major win for Blockchain.com. This license not only allows the exchange to expand its services to institutional customers and investors in Singapore but also showcases the country’s commitment to regulating the crypto industry while fostering innovation. Singapore’s stringent regulations position it as a leading crypto hub in the APAC region.
By
By
By
By
By