Blockchain.com receives in-principle approval to operate in Singapore
The Central Bank of Singapore has granted preliminary authorization to Blockchain.com, the latest cryptocurrency business, to offer digital payment token services in the city-state.
The regulatory certification for Blockchain.com comes shortly after Coinbase announced on October 11 that it had received similar “in-principle” permission from the Monetary Authority of Singapore (MAS).
The Monetary Authority of Singapore has granted Coinbase Singapore provisional approval to provide regulated services in the city-state in accordance with the Payment Services Act, the company said on Tuesday. About 15 companies, including rival Crypto.com, have received this authority since Singapore’s licensing system was implemented in 2019.
Blockchain.com can offer its services now in Singapore
Cryptocurrency exchanges DBS Vickers and Independent Reserve, digital payment solution provider FOMO Pay, and cryptocurrency-friendly payment app Revolut are just some of the businesses already licensed to offer services for digital payment tokens. If officially approved, Blockchain.com will also join this group.
Peter Smith, CEO and co-founder of Blockchain.com, praised the country’s authorities for establishing a “clear regulatory procedure” to encourage innovation, saying:
“Blockchain.com commends the Monetary Authority of Singapore for its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to flourish.”
It is hardly the first business to speak out positively about Singapore’s ease of regulation for cryptocurrency businesses.
Diogo Mónica, co-founder and president of digital asset platform Anchorage Digital, has cited Singapore’s robust regulatory framework and the establishment of a crypto hub as the reasons why the city-state was chosen as a “jumping point” into the Asian markets.
Mónica also highlighted the lack of regulatory clarity in the US as a key issue, arguing that even if a company is aware of the regulations governing an asset, choosing which of the 15 agencies to contact can be challenging.
Of the 170 international contenders, Independent Reserve, a cryptocurrency exchange, was among the first to receive preliminary approval for the DPT license in August 2021.
CEO Adrian Przelozny also praised Singapore’s regulatory climate for its openness. The license awards, according to Przelozny, “will maintain Singapore’s status as the top financial center in Asia.”
