Crypto Giant Company Blockchain.com Gets License to Operate from the Financial Authority of Singapore

Blockchain.com received a license from the Singapore authorities. (Photo; Doc. Blockchain)

JAKARTA  - The Monetary Authority of Singapore (MAS), the Central Bank of Singapore, granted Blockchain.com a primary payment institution (MPI) license last August 1. This decision allows these crypto exchanges to provide digital payment token (DPT) services to accredited customers, which is a significant step in accommodating crypto technology developments.

A digital payment token is defined by MAS as a digital representation of value that has no physical form and is managed securely by blockchain technology. With this MPI license, Blockchain.com is the twelfth DPT service provider in Singapore, joining well-known companies such as Crypto.com, Circle, Paxos, Independent Reserve, and Revolut.

The MPI license received by Blockchain.com grants permission to offer regulated digital payment token services to accredited institutions and investors in Singapore. This step was taken after the company succeeded in obtaining in-principle approval from MAS in the previous year.

“We are very pleased that the award of this license has enabled Blockchain.com to bring our superior products and services to Singapore,” said Blockchain.com CEO and Co-Founder, Peter Smith, expressing his excitement about the approval.

“We appreciate the transparency in the regulatory process provided by the Monetary Authority of Singapore, which prioritizes oversight of the crypto industry while encouraging the development of innovation," added Smith.

Blockchain.com, which has created more than 99 million wallets and has more than 40 million users, shows its commitment in developing and expanding its services. With holding licenses in various regions, the company affirms its commitment to complying with different regulatory standards in the global market. This Singapore payment provider license is an important milestone in realizing the company's comprehensive vision and goals.

MAS's decision not only reflects Singapore's commitment to crypto and blockchain technology, but also provides insight into the country's quest to become a center for Web3 technology innovation and development. In this context, Singapore announced a S$150 million (approximately IDR 1.6 trillion) investment in FinTech solutions over the next three years, as well as supporting Web3 projects through funding and collaboration.

Apart from promoting crypto solutions and services, Singapore is also implementing new regulations to protect cryptocurrency users. This plan includes limiting staking and lending activities for retail users, as well as securing customer funds by cryptocurrency services according to existing regulations. With this move, Singapore continues to forge an innovative and secure environment within the cryptocurrency ecosystem.