- Blockchain.com opens new possibilities in the fintech landscape in Singapore.
- Singapore’s favorable regulatory environment attracts crypto exchanges.
- Recent licensing milestones demonstrate Singapore’s commitment to fostering innovation in the fintech sector.
Just a day after Coinbase’s approval for a Digital Payment Token (DPT) in Singapore, crypto exchange Blockchain.com witnessed a similar milestone, reinforcing the trend. Singapore’s central bank, the Monetary Authority of Singapore (MAS), has granted a payments license to crypto exchange Blockchain.com.
MAS Grants Payment License
Under the recent FSTI 3.0 (Financial Sector Technology and Innovation Scheme), Singapore’s central bank, the Monetary Authority of Singapore (MAS), claimed to foster a vibrant financial industry ecosystem by supporting projects that employ cutting-edge technologies or have a regional focus.
On Aug.7, Blockchain.com announced receiving its major payment institution (MPI) license from MAS, enabling the platform to offer digital payment token services to institutional and accredited investors. This full license follows the in-principal approval received from the bank in September 2022.
As per the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0), the Monetary Authority of Singapore (MAS) plans to allocate up to S$150 million (111.42M USD) over three years.
Singapore’s Attractive Crypto Landscape and Regulatory Milestones
According to Peter Smith, the CEO and Co-Founder of Blockchain.com, Singapore presents an appealing opportunity to expand the company’s institutional business and team.
“Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive,” said Blockchain.com CEO.
Since the beginning of 2023, Singapore’s proactive approach to passing favorable legislation and granting licenses has proven true for many crypto exchanges like Ripple and Circle.
The blockchain-based payments firm, Ripple, reached a major milestone as Singapore’s national bank granted preliminary regulatory approval to introduce its digital asset payments and token products in the city-state. Additionally, Circle Internet Singapore Pte. Ltd. (Circle Singapore), an affiliate of Circle Internet Financial, LLC (Circle), also obtained a Major Payment Institution (MPI) license.
On the Flipside
- Singapore’s open and favorable stance has enticed digital asset firms from countries such as China and India, establishing its position as a significant Asian center.
- The cryptocurrency industry in that region has been facing setbacks due to the decline in holdings caused by the collapse of Three Arrows Capital and cryptocurrencies Luna and TerraUSD, coupled with continuous cyber thefts.
Why This Matters
Blockchain.com’s payment license from Singapore’s central bank, MAS, strengthens the legitimacy of crypto services in Singapore, attracting investors. The twelfth licensed provider enhances competition and innovation, positioning Singapore as a crypto hub. Regulatory clarity and customer protections promote trust, while financial commitments boost the fintech sector’s growth.
To learn more about Crypto.com securing its license in Singapore, click here:
To learn more about Chinese institutions embracing the new digital currency partnership, click here: