Blockchain.com, a leading cryptocurrency exchange, has announced that it has obtained a major payment institution license in Singapore. According to the statement made by the cryptocurrency exchange, the license enables the exchange to provide regulated digital payment token services to its global institutional and accredited investor clients.
Crypto Exchange Received In-Principle Approval in October 2022
Blockchain.com announced on August 7th that it has obtained a major payment institution license in Singapore as it continues to expand its presence in Asia. The statement from Blockchain.com mentioned that the Monetary Authority of Singapore (MAS), the central bank and market regulator of Singapore, granted the exchange a major payment institution license on August 1st.
According to the press release from Blockchain.com, the central bank had previously given in-principle approval for the major payment institution license in October 2022. The cryptocurrency exchange emphasized that the license from MAS enables it to offer regulated digital payment token services to its global institutional and accredited investor clients.
Leading cryptocurrency companies and exchanges such as Circle, Ripple, Crypto.com, and Coinbase had previously obtained major payment institution licenses in Singapore.
Singapore’s Support for Web3
On August 7th, MAS committed to providing up to 150 million Singapore dollars (111.6 million dollars) within three years as part of its fintech and innovation program, which also included a roadmap for supporting Web3 technology. MAS also presented a report on tokenization and the development of a framework for DeFi protocols in collaboration with the Bank for International Settlements in June.
Furthermore, the Singapore High Court ruled last month in a case against cryptocurrency exchange Bybit and a contractor that cryptocurrency should be considered as property and that cryptocurrencies can be held as things in action and based on trust.
