Blockchain.com Secures Key License to Elevate Crypto Services in Singapore

Blockchain.com Secures Key License to Elevate Crypto Services in Singapore

Blockchain.com, a trailblazer in the cryptocurrency exchange arena, has achieved a significant milestone by securing a major payment institute (MPI) license from the Monetary Authority of Singapore (MAS). This crucial license empowers Blockchain.com to extend its reputable services to institutional and accredited investors globally, ushering in a new era of possibilities in the crypto landscape.

Empowering Crypto Services through MPI License

In a noteworthy announcement on August 7th, Blockchain.com revealed that it successfully obtained the MPI license from MAS on August 1st. This achievement stands as a testament to the exchange’s unwavering commitment to compliance and innovation in the crypto realm.

An Evolution of Trust

Prior to securing the full MPI license, Blockchain.com had garnered initial approval from a Singaporean bank in September of the preceding year. This endorsement marked a stepping stone toward establishing the exchange’s credibility and reliability within the Singaporean financial ecosystem.

Paving the Way for Institutional Access

The MPI license bestows upon Blockchain.com the capability to expand its range of services to institutional and accredited investor clients in Singapore. This pivotal development aligns the exchange with other esteemed service providers in the region, such as Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers.

CEO’s Vision for Progress

Blockchain.com’s CEO and Co-Founder, Peter Smith, expressed his enthusiasm for the obtained license, highlighting its significance for the exchange’s future endeavors. 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.”

Singapore’s Crypto Aspirations

The issuance of the MPI license coincides with Singapore’s concerted efforts to solidify its standing as a prominent crypto hub. The country’s initiatives span funding commitments and regulatory enhancements aimed at bolstering customer protection and fostering innovation.

MAS’s Financial Commitment to Tech Innovation

In line with its ambitions, the Monetary Authority of Singapore (MAS) announced a significant commitment of up to S$150 million over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0). This funding underscores MAS’s dedication to fostering growth and innovation within the financial technology sector.

Web3 Technology Support

Furthermore, MAS unveiled plans to allocate $112 million to support the financial technology sector, with a specific emphasis on entities engaged in Web3 technology. This forward-looking initiative underlines Singapore’s determination to embrace emerging technologies and stay at the forefront of the evolving digital landscape.

Blockchain.com’s achievement of the MPI license stands as a beacon of progress and legitimacy in the realm of cryptocurrency services. As Singapore forges ahead as a crypto-friendly hub, these developments serve as catalysts for innovation, collaboration, and the responsible advancement of the digital financial ecosystem.