Blockchain.com Receives Approval from Singapore for Digital Payment Token Services
Bitcoin exchange The central bank of Singapore has granted Blockchain.com preliminary authorisation to provide Digital Payment Token services in the city-state. The regulatory clearance of Blockchain.com follows Coinbase’s announcement on October 11 that it had gained the same “in-principle” permission from the Monetary Authority of Singapore (MAS).
If accepted, Blockchain.com will join the ranks of organizations currently permitted to offer digital Payment Token services, such as crypto exchanges DBS Vickers and Independent Reserve, digital payment solution provider FOMO Pay, and crypto-friendly payments app Revolut, among others. “Blockchain.com commends the Monetary Authority of Singapore for its open regulatory procedure that emphasizes crypto sector monitoring while enabling innovation to flourish,” said Peter Smith, CEO and co-founder of Blockchain.com.
It is hardly the first firm to praise Singapore’s easy regulatory framework for cryptocurrency startups. Recently, Diogo Mónica, co-founder and president of digital asset platform Anchorage Digital, cited Singapore’s robust regulatory framework and the establishment of a crypto hub as reasons for choosing the city-state as a “jump point” into Asian markets.
In contrast, Mónica emphasized the lack of regulatory clarity in the United States as a big concern, indicating that even if a corporation is aware of the laws governing a certain asset, it may be difficult to know which of the 15 agencies they must interact with. Independent Reserve was one of the first among 170 worldwide competitors to gain preliminary DPT license clearance in August 2021.
At the time, CEO Adrian Przelozny also praised the regulatory environment’s openness in Singapore, stating:
“A well-regulated environment will benefit both investors and participants in the cryptocurrency business. Singapore has the clearest and most comprehensive licensing requirements of any Asian state, thanks to its crypto industry-specific regulations.
Przelozny speculated that the license granting will “continue to establish Singapore as the top financial centre in Asia.”