The Monetary Authority of Singapore (MAS), the central bank of Singapore, issued a payments licence to the cryptocurrency exchange Blockchain.com.
Blockchain.com declared on 7 August that it has secured its major payment institution (MPI) licence from MAS on 1 August, enabling the platform to offer what the regulator refers to as digital payment token services to authorised investors and institutions.
After having its licence authorised, Blockchain.com joins the country’s other eleven digital payment token firms, namely Circle, Independent Reserve, Paxos, Revolut and DBS Vickers.
It comes after other recent MAS approvals, such as the June in-principle granting of an MPI licence for blockchain-based payments company Ripple to offer cryptocurrency services.
Seven months after receiving its in-principle permission, the local subsidiary of USD Coin issuer Circle also acquired its MPI licence in June.
Singapore hopes to solidify its position as a hub for the cryptocurrency business, with financing promises and new industry laws regarding customer protections.
On August 7, MAS said that it would devote $112 million, or over $150 million in Singapore dollars, in assisting the financial technology industry, particularly Web3 companies.
The regulator also unveiled new guidelines in July, mandating that cryptocurrency service providers retain client funds in statutory trusts by the end of the year.
Additional recommendations are being developed to prevent cryptocurrency providers from supporting the lending or staking of retail client assets.
According to Galaxy Digital July analysis, in terms of crypto startup funding and investment, Singapore-based crypto firms were third in line, behind the United Kingdom and United States.
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