Cryptocurrency Business Blockchain.com Obtains Payment License in Singapore
Blockchain.com, a cryptocurrency business, has announced that it has obtained a payment license in Singapore. The Monetary Authority of Singapore issued the company a major payment institution license on August 1. This allows the exchange to provide regulated digital payment token services to its global institutional and accredited investor customers.
Key Points:
1. License Approval: The Monetary Authority of Singapore granted Blockchain.com an in-principle approval for the payment license in October.
2. Expansion in Asia: Obtaining the payment license is part of Blockchain.com’s efforts to expand its presence in Asia.
3. Web3 Support: The Singaporean central bank announced a commitment of up to S$150 million over three years to support web3 technology.
4. Legal Recognition: Singapore’s High Court recently ruled that cryptocurrency assets are considered things in action and can be held on trust.
5. Collaboration with Bank for International Settlements: The Monetary Authority of Singapore collaborated with the Bank for International Settlements to publish a report on tokenization and institution-grade DeFi protocols.
Hot Take
Blockchain.com’s acquisition of a payment license in Singapore further strengthens its position in the Asian market. The license allows the company to provide regulated digital payment token services to its institutional and accredited investor customers. This move aligns with Singapore’s commitment to support web3 technology and its legal recognition of cryptocurrency assets. Blockchain.com continues to expand its presence and offerings in the cryptocurrency industry, making it a key player in the evolving world of digital finance.
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