A pioneer in the cryptocurrency exchange space, Blockchain.com, has taken a significant step forward by obtaining a major payment institute (MPI) license from the Monetary Authority of Singapore (MAS) to offer its reliable services to institutional and accredited investors worldwide.
As per an announcement made on 7th August, Blockchain.com has recently secured the MPI license from the Monetary Authority of Singapore (MAS) on 1st August.
Notably, prior to obtaining this recent full license, the highly trusted crypto exchange had already received initial approval from a Singaporean bank in September of the previous year.
With the major payment institute license, Blockchain.com can now extend digital payment token services to its institutional and accredited investor customers in Singapore.
This brings crypto exchange in line with other existing service providers in the region, including Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers.
Expressing excitement about the new license, Blockchain.com CEO and Co-Founder, Peter Smith, stated, “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.”
The granting of the MPI license comes at a time when Singapore is actively striving to solidify its status as a prominent crypto hub.
In this pursuit, the country has made funding commitments and implemented industry regulations to enhance customer protection.
On a related note, on August 7th, the Monetary Authority of Singapore (MAS) announced its plan to allocate $112 million to support the financial technology sector, with a focus on entities involved in Web3 technology.
