Blockchain.com Receives Payment Institution License in Singapore

The Leading Cryptocurrency Exchange Blockchain.com Receives Payment Institution License in Singapore

The leading cryptocurrency exchange Blockchain.com has obtained a payment institution (MPI) license from the Monetary Authority of Singapore (MAS). This is the second license the company has received in Singapore after securing in-principle approval in September 2022.

Key Points:

Blockchain.com aims to comply with regulators in every region where it conducts business.
Singapore has become a profitable trading hub for global institutional and accredited investor clients.
Over 90% of Blockchain.com’s institutional and accredited investor business is in Singapore.
Singapore serves as the company’s Southeast Asia headquarters.
Other cryptocurrency exchanges and firms, such as Crypto.com, Circle, Paxos, and Ripple, have also obtained authorization in Singapore.

Blockchain.com’s head of institutional compliance and Singapore operations, Rakesh Madamanchi, emphasized the importance of Singapore as a key area for their business. CEO Peter Smith expressed excitement about bringing their industry-leading products and services to Singapore and commended the Monetary Authority of Singapore for its transparent regulatory process.

Hot Take:

The approval of Blockchain.com’s payment institution license in Singapore further solidifies the city-state’s position as a leading destination for cryptocurrency exchanges and firms. With its comprehensive regulations and focus on global institutional and accredited investors, Singapore offers a favorable environment for the crypto industry to thrive. This move by Blockchain.com highlights their commitment to complying with regulators and expanding their presence in key markets.