Blockchain.com secures preliminary approval from MAS to operate in Singapore

Key Takeaways

  • The announcement comes a day after Coinbase also secured approval from the Monetary Authority of Singapore to operate in the city-state.
  • The number of crypto companies allowed to operate in Singapore now stands at 18.

Leading Crypto exchange Blockchain.com has secured secure preliminary approval from Singapore’s central bank to offer its services in the country.

Commenting on the latest development, Blockchain.com CEO and co-founder Peter Smith said, “Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”

As per the official statement,Blockchain.com views “Singapore as an attractive city-state to invest in the growth of its institutional customers and its team, as the most advanced economy in Southeast Asia.”

The announcement comes a day after Coinbase-another leading crypto firm, also secured approval from the Monetary Authority of Singapore to operate in the city-state. Singapore is also serving as Coinbase’s Asia-Pacific tech hub, with an on-the-ground team of engineers responsible for its international expansion efforts and platform localization.

Including Coinbase and Blokchain.com, the number of crypto companies allowed to operate in Singapore now stands at 18. Singapore is slowly growing to be a favorite sport for crypto firms looking to expand into South East Asia. Recently, digital asset firm Anchorage Digital president Diogo Mónica highlighted Singapore’s strong regulatory environment and the emergence of a crypto hub as the driving factor for the platform to choose the city-state as a “jump point” into the Asian markets.

“It’s about being in a regime that’s friendly towards crypto and that businesses want to do business in. We’re institutional only, institutions are going to Singapore, so we’re following suit”, Monica said. “Right now, our strategy is being regulated in Singapore, as it’s recognized by all the other regulators as a great location,” they further added.

The Monetary Authority of Singapore has adopted an accommodative stance on digital asset activities and a restrictive stance on cryptocurrency speculation. Singapore’s welcoming approach has helped the financial hub attract digital asset services-related firms from India, China, and elsewhere in the last few years, making it a major center in Asia.

Ravi Menon, managing director of MAS, recently said that the country is planning to roll out new regulations and rules that will make it more difficult for retail investors to trade cryptocurrencies at a time when they appear to be “irrationally oblivious” about the risks.

Saniya Raahath
Saniya Raahath

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