Blockchain.com granted regulatory approval in Singapore

Blockchain.com has received an in-principle regulatory approval from the Singapore Monetary Authority (MAS).

Blockchain.com, a leading cryptocurrency exchange and wallet provider, has received regulatory approval to offer its services in Singapore.

In an announcement on Wednesday, the crypto company said it has secured approval from the Monetary Authority of Singapore (MAS). 

The in-principle approval is for the Major Payment Institution License for Digital Payment Token services, the company noted in a blog post.

Singapore’s growing importance as a crypto hub

The preliminary approval sees Blockchain.com Singapore joins Coinbase that received a similar approval on Tuesday, 11 October, 2022, and Crypto.com as major crypto exchanges to be granted regulatory approval in the country.

Blockchain.com considers Singapore a crucial market, with the city-state offering an attractive ecosystem for advancing the exchange’s institutional customer base. Singapore is SouthEast Asia’s biggest economy and growth within the crypto sector has continued amid a regulatory push from MAS.

In a comment, Blockchain.com CEO and co-founder Peter Smith said the Singaporean authorities’ licensing will help drive further innovation in the crypto sector.

“Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”

Blockchain.com plans to continue growing its institutional client base, with the Singapore office a key component going forward.

There are more than 84 million Blockchain.com wallet holders, the exchange’s website shows. The users are spread across 200 countries from where they can buy, sell and earn different types of cryptocurrencies.