The number
of cryptocurrency companies licensed by Singaporean authorities has just
significantly increased. This surge is attributed to TerraPay, a payment
service provider, and Blockchain.com, a platform that allows for the exchange
of digital assets. Both institutions have received a Major Payment Institution
(MPI) license from the Monetary Authority of Singapore (MAS).
The
cryptocurrency exchange announced the acquisition of the license yesterday
(Monday). This follows Blockchain.com receiving in-principle approval last
year, in September 2022. The latest authorization allows them to offer
regulated digital payment token (DPT) services to their global institutional
customer base and clients with the necessary accreditations.
Exchange
representatives acknowledge that Singapore is an important trading hub for
Blockchain.com in the OTC spot and agency execution markets, and it’s also the
company’s main headquarters in Southeast Asia.
“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,”
commented Peter…
