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.
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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.
