Blockchain.com Expands Operations in Singapore
Blockchain.com has obtained a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing the company to offer digital payment token (DPT) services to institutional and investor clients in Singapore. The license also enables Blockchain.com to facilitate the exchange of various DPTs and conduct DPT transactions. The company’s co-founder and CEO, Peter Smith, praised the transparent regulatory process in Singapore and expressed excitement about bringing their products and services to the Asian city-state. Singapore has become an emerging crypto hub due to its clear regulatory framework and government support for the crypto industry.
Singapore’s Commitment to the Crypto Space
Other crypto companies with MPI licenses in Singapore include Circle and Paxos. The Monetary Authority of Singapore has announced plans to invest S$150 million in innovative financial technologies over three years. The apex bank has also proposed standards for the use of digital money, including central bank digital currencies (CBDCs) and stablecoins. However, Singapore is taking steps to minimize risks in the crypto space, such as requiring crypto businesses to transfer user assets to statutory trust by the end of 2023. The retail market is also banned from participating in certain crypto services.
Hot Take: Growing Crypto Opportunities in Singapore
Blockchain.com’s MPI license in Singapore is a significant milestone for the company, allowing it to expand its operations in Asia. The regulatory environment and government support make Singapore an attractive destination for crypto businesses. With its commitment to innovation and financial technologies, Singapore is well-positioned to become a leading hub for the crypto industry in the region.
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