The Monetary Authority of Singapore (MAS), the central bank of Singapore, has awarded a payments license to the cryptocurrency exchange Blockchain.com.
The platform can now offer what the regulator refers to as digital payment token services to accredited investors and institutions, according to Blockchain.com announcement on August 7 that it got its major payment institution (MPI) license from MAS on August.
The exchange now has a full license after the bank gave it in-principle clearance in September of last year. After having its license confirmed, Blockchain.com will join companies like Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers as the country’s twelfth provider of digital payment token service.
It comes after other recent MAS approvals, such as the June in-principle granting of an MPI license for blockchain-based payments company Ripple to offer cryptocurrency service.
Seven months after obtaining its in-principle approval, the local entity of USD Coin (USDC $1.00) issuer Circle likewise acquired its MPI license in JuneWith financing promises and other business laws pertaining to customer protections, Singapore hopes to solidify its position as a cryptocurrency powerhouse.
On August 7, MAS said it would devote $112 million, or over $150 million in Singapore dollars, to assisting the financial technology industry, particularly Web3 companies.
The regulator also unveiled new regulations in July, including one that mandates that cryptocurrency service providers retain client funds in a statutory trust by the end of the year.
Additional recommendations are currently being developed to limit the ability of cryptocurrency providers to facilitate lending or staking of retail client holding.
According to a July analysis by Galaxy Digital, Singapore-based crypto firms were third in line, behind the United Kingdom, even though the United States continued to get the majority of cryptocurrency startup investment in Q2 2022
