Two crypto exchanges now have major payment license in Singapore
License from Monetary Authority of Singapore’s marks completion of the regulatory process there for Blockchain.com and Crypto.com
Stockbym/Shutterstock, modified by Blockworks
Singapore’s central bank granted a major payment institution license to crypto exchange Blockchain.com on Aug. 1.
A Major Payment Institution (MPI) license permits the unrestricted offering of payment services, including digital payment token services and cross-border transfers, without limits on transaction volumes.
This progress follows an in-principle approval given to Blockchain.com by the Monetary Authority of Singapore in Sept. 2022.
That approval implies that both individuals and institutions are permitted to use digital payment token services, and the firms offering these services are regulated by the central bank under its Payment Services Act.
Competing exchange Crypto.com also received the MPI license in June, marking the completion of the regulatory process. It was given in-principle approval around the same time last year.
Ripple Labs recently secured a similar preliminary license in Singapore, enabling the firm to provide crypto products and services across the entire city-state.
Blockchain.com said in its announcement on Monday that Singapore serves as a significant center for its exchange, catering to worldwide institutional clients and accredited investors engaged in Over-the-Counter (OTC) Spot and Agency Execution trading.
Singapore is working to establish itself as a key player in the crypto industry, backed by funding commitments and additional regulatory rules to safeguard customers.
On Aug. 7, the MAS said it will allocate $112 million (about 150 million Singapore dollars) to aid the fintech sector, inclusive of those operating in the Web3 space.
Established in 2011, Blockchain.com has managed to secure a total of $490 million from seven funding rounds, according to data from Crunchbase. The firm’s investor base includes Baillie Gifford, Kyle Bass, Vy Capital, Lightspeed Venture Partners and the Digital Currency Group.
Last year, amid challenging market circumstances, the company laid off about 150 staff members, representing 25% of its workforce, and also chose to halt its plans for further global expansion. It was reportedly owed $270 million by the troubled hedge fund Three Arrows Capital.
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