Blockchain.com receives a Singapore cryptocurrency licence after Coinbase
Blockchain.com would be able to provide payment services in the nation with the new licence. The decision was made while the South Asian nation's cryptocurrency ecosystem is experiencing growth. Already, a number of cryptocurrency businesses with roots in nearby nations have relocated to Singapore.
Thursday saw the regulatory approval of yet another exchange, after Coinbase's approval of its Singapore licence.
Blockchain.com would be able to provide payment services in the nation with the new licence. The decision was made while the South Asian nation's cryptocurrency ecosystem is experiencing growth. Already, a number of cryptocurrency businesses with roots in nearby nations have relocated to Singapore.
Singapore issues a cryptocurrency licence to Blockchain.com
The most recent action strengthens Singapore's position as a leading centre for the crypto community. Blockchain.com is now the 18th business of this type to be granted a cryptocurrency licence in the nation, according to a Reuters article. The regulators in Singapore have received licencing applications from up to 180 companies. The usage of digital payments is encouraged by the nation's payment laws. Individual users and institutions may use digital payment token services under Singapore's Payment Services Act.
The exchange stated in a statement that Singapore is a desirable place for growth potential. Additionally, the country enables the expansion of its personnel and global user base. In addition to receiving this clearance, Blockchain.com said in a blog post that it will develop its Singapore office and increase its list of institutional clients. Half of Blockchain.com's revenue comes from institutional clients. It claims to have 84 million users worldwide from 200 different countries. The exchange, which was established in 2011, currently has about 37 million verified users.
Singapore's "Transparent" Regulation
The exchange's CEO and co-founder, Peter Smith, thought Singapore's regulatory framework was open and transparent. Blockchain.com applauds the Monetary Authority of Singapore for its open regulatory framework that prioritises monitoring of the cryptocurrency industry while fostering innovation. The exchange will now be able to serve institutional and high net worth investors, project teams, and other participants in the cryptocurrency ecosystem, it was announced.
