Singapore grants payment institution license to Blockchain.com

• The exchange received in-principal license from Singapore’s regulator last year.
• Blockchain.com has now become the twelfth digital token service provider in Singapore.

Singapore’s central bank has granted a major payment institution (MPI) license to the crypto platform Blockchain.com, the company announced on 7 August.

The license authorizes the exchange to offer virtual payment token services to institutional and accredited investors. It received an in-principal license from the central bank last year.

Blockchain.com has now become the twelfth digital token service provider in Singapore. It joins the likes of Circle, Independent Reserve, Paxos, Revolut and DBS Vickers.

Blockchain.com CEO and Co-Founder Peter Smith said,

We are thrilled to receive this license that will allow Blockchain.com to bring our industry-leading products and services to Singapore, we commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.

Singapore also serves as the Southeast Asia headquarters of Blockchain.com.

Blockchain.com was launched in the United Kingdom in 2011. It claims to have created more than 90 million wallets, over 40 million verified users, and processed over US$1 trillion in crypto transactions. It has permissions and registrations in several jurisdictions, including the United States.

Singapore adopts crypto-specific measures

Only recently, the Monetary Authority of Singapore (MAS), the country’s central bank, announced that it would commit $112 million over a period of three years to promote the financial technology sector. The scheme would also cover fintech institutions active in Web3. The MAS is planning to provide grant funding to encourage actual trials and facilitate the commercialization of these solutions later.

In June, the MAS issued a new set of rules for crypto firms. It required crypto service providers to hold customer assets in a statutory trust by year-end. It also required crypto firms to conduct daily reconciliation of customer holdings, besides maintaining proper books and records.

Earlier, the MAS collaborated with the Bank for International Settlements (BIS) to develop a comprehensive framework pertaining to the tokenization of assets and the implementation of DeFi protocols.

Last month, the High Court of Singapore ruled that crypto assets are legally recognized as property in the country.

In conclusion, we can surmise that Singapore is witnessing the introduction of crypto-specific rules and regulations.