Key Takeaways
- Crypto.com also secured its MPI license from MAS in June
- The license allows Blockchain.com to provide various payment services, spanning digital payment token services to cross-border transfers, without being restricted by transaction volume caps.
In a pivotal move for the cryptocurrency landscape in the country, Singapore’s central bank has awarded a major payment institution (MPI) license to Blockchain.com, a prominent crypto exchange. The license, granted on August 1st, empowers Blockchain.com to provide an array of payment services, spanning digital payment token services to cross-border transfers, without being restricted by transaction volume caps.
This achievement arrives in an impressively short timeframe since Blockchain.com secured initial approval from the Monetary Authority of Singapore (MAS), indicating an expedited application process. Notably, more than a dozen other firms in the crypto domain have already obtained licenses for diverse digital asset activities, showcasing Singapore’s proactive embrace of the burgeoning cryptocurrency sector.
Blockchain.com, renowned for its foundational contributions to the Bitcoin community, expressed its satisfaction in gaining this license. CEO and Co-Founder Peter Smith lauded MAS for its transparent regulatory framework, which effectively supervises the crypto industry while nurturing an environment of innovation. Smith also underscored Singapore’s role as a thriving trading hub, adeptly serving global institutional and accredited investors through over-the-counter (OTC) spot and agency execution services.
This regulatory journey finds resonance in other industry leaders as well. In parallel, Crypto.com, a rival exchange, secured its MPI license in June, marking the culmination of a regulatory process initiated around the same period the previous year. Simultaneously, Ripple Labs garnered an initial license, enabling it to offer an array of crypto services across Singapore.
Blockchain.com highlighted Singapore’s pivotal role as the heart of its exchange operations, catering to institutional players and accredited investors engaged in OTC Spot and Agency Execution trading.
Singapore’s commitment to fortify its stature in the cryptocurrency realm is evident through substantial funding commitments and comprehensive regulatory measures aimed at safeguarding consumer interests. Singapore’s commitment towards supporting industry technologies to improve existing traditional financial systems goes hand in hand with its stated objective of being “brutal and unrelentingly hard” on bad behaviour in the crypto sector.
In June, the MAS also proposed ways to design open, interoperable networks for tokenized digital assets and standards for using digital money. Notably, on August 7th, MAS unveiled plans to allocate $112 million to bolster the fintech sector, inclusive of endeavors within the emerging Web3 space.
