Blockchain.com, one of the oldest cryptocurrency platforms, has announced that it has secured a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). The license will allow the company to provide regulated digital payment token (DPT) services to institutional clients and accredited investors worldwide.
The licensing was granted after Blockchain.com received in-principle approval from MAS last year. Blockchain.com CEO Peter Smith expressed his appreciation for MAS’ “transparent regulatory process,” which prioritizes oversight while allowing innovation to thrive. The Singapore registration is part of the company’s commitment to compliance in the jurisdictions where it operates. Blockchain.com Pay, a white-label crypto on- and off-ramp solution was launched by the company recently.
Singapore Introduces Crypto Regulations
Singapore has recently implemented crypto regulations aimed at enhancing investor protection. The regulations require DPT service providers to keep customer assets under a statutory trust by the end of 2021. The Monetary Authority of Singapore has also stated that it will limit crypto lending and staking for retail customers. The city-state is an important trading hub for many crypto-related businesses.