Cryptocurrency exchange BlockchainCom has announced that it has received a payment license from Singapore’s central bank.
BlockchainCom, the Main Payment Institution ( MPI ) announced that it obtained its license from MAS. The platform stated that it will further expand its services related to digital payment and tokens. The exchange’s full license came in September 2022 after receiving principle approval from the bank.
Additionally, Blockchain.com, which has been licensed, joins other providers such as Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers, making it the twelfth digital payment token service provider in the country.
Increasing demand for licensing activities in Singapore
Various companies in the crypto industry continue to head towards Singapore. Singapore, which is one of the countries preferred by many companies in the field of license, finally came to the fore with BlockchainCom. The popular cryptocurrency exchange became the 12th business in the country to receive a license in this field. Additionally, Singapore aims to consolidate its position as a crypto hub with more industry regulation around financing commitments and customer protections.
A report published by Galaxy Digital in July attracted attention. Although the United States continues to carry the bulk of crypto financing, Singapore-based crypto companies are said to be in third place after the United Kingdom.
