The leading cryptocurrency exchange Blockchain.com received a payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
This marks the company’s second license in the city-state after the in-principle approval secured in September 2022.
Blockchain.com announced that its recently-obtained authorization in Singapore follows the entity’s strategy to comply with regulators in every region where it conducts business.
The team behind the exchange said the Asian city-state has emerged as a “profitable trading hub” focused on global institutional and accredited investor clients.
“Over 90 percent of the group’s institutional and accredited investors business is in Singapore,” Rakesh Madamanchi – Blockchain.com’s head of institutional compliance and Singapore operations revealed.
Another reason why the marketplace views Singapore as a key area is because it serves as its Southeast Asia headquarters. Commenting on the regulatory approval was also CEO Peter Smith:
“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.”
Multiple cryptocurrency exchanges and firms have recently focused on Singapore due to the city-state’s comprehensive regulations.
Crypto.com, Circle, Paxos, and Ripple are some organizations that have secured authorization there over the past several months.