Blockchain.com became the twelfth entity in Singapore to provide digital payment token services.
Blockchain.com, a notable crypto exchange, recently achieved a significant milestone by securing a payments license from the Monetary Authority of Singapore (MAS).
According to the announcement shared on August 7th, Blockchain.com acquired its Major Payment Institution (MPI) license from the MAS earlier in the month.
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This license enables the platform to offer digital payment token services, targeting both institutional and accredited investors. This official recognition trails an in-principal nod the crypto exchange gained from MAS back in September 2022.
When talking about the license, the crypto exchange co-founder and CEO Peter Smith noted:
We are thrilled to receive this license that will allow Blockchain.com to bring our industry-leading products and services to Singapore, we commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.
Blockchain.com joins an elite list, becoming the twelfth entity in Singapore to provide digital payment token services. Its contemporaries in this arena include recognized names like Circle, Independent Reserve, Paxos, DBS Vickers and Revolut.
Highlighting Singapore's proactive approach to the crypto domain, Ripple, a prominent blockchain-based payment firm, received its in-principal MPI license endorsement in June. Coincidentally, Circle, known as the issuer of USD Coin (USDC), also celebrated its MPI license reception that very month.
Aligning with its vision to be a leading hub for crypto innovations, MAS proclaimed a significant financial commitment on August 7th. It pledged around 150 million Singapore dollars, equivalent to $112 million, to bolster the financial technology sector, which also includes the Web3 sector.
The recent licensing of Blockchain.com and the proactive measures adopted by MAS underscores Singapore's ambitions to emerge as a pivotal player in the global crypto landscape.
