Blockchain.com, a leading cryptocurrency exchange, has obtained a payment institution (MPI) license from the Monetary Authority of Singapore (MAS). This is the second license the company has received in Singapore, following the in-principle approval granted in September 2022. With this new authorization, Blockchain.com aims to strengthen its compliance with regulators in the regions where it operates.
Singapore has emerged as a profitable trading hub, particularly for global institutional and accredited investors. According to Rakesh Madamanchi, Blockchain.com’s head of institutional compliance and Singapore operations, over 90 percent of the company’s institutional and accredited investor business is conducted in Singapore. This makes it a strategic location for the exchange.
In addition to being a profitable trading hub, Singapore serves as the Southeast Asia headquarters for Blockchain.com. This further solidifies the company’s commitment to the region. By establishing a strong presence in Singapore, Blockchain.com can tap into the growing cryptocurrency market in Southeast Asia.
Peter Smith, the CEO of Blockchain.com, expressed his excitement about receiving the license. He commended the Monetary Authority of Singapore for its transparent regulatory process, which prioritizes the oversight of the crypto industry while allowing innovation to thrive. This regulatory approach has attracted several cryptocurrency exchanges and firms to Singapore in recent months.
Singapore’s comprehensive regulations have made it an attractive destination for cryptocurrency companies. Besides Blockchain.com, organizations such as Crypto.com, Circle, Paxos, and Ripple have obtained authorization from MAS. These regulatory measures provide a level of trust and security for investors, fostering a healthy and transparent marketplace.
With the MPI license in hand, Blockchain.com can now bring its industry-leading products and services to Singapore. This marks a significant milestone for the exchange, enabling it to expand its customer base and offer innovative solutions to Singaporean users. The licensing process reinforces Blockchain.com’s commitment to operating within regulatory frameworks and building long-term partnerships with financial institutions in Singapore.
Blockchain.com’s acquisition of the payment institution license from the Monetary Authority of Singapore is a testament to its dedication to regulatory compliance and expansion. By establishing its presence in Singapore, the company gains access to a profitable trading hub and strengthens its position in the Southeast Asian market. With Singapore’s comprehensive regulations in place, investors can trust that Blockchain.com will operate ethically and securely. As the crypto industry continues to evolve, it is crucial for exchanges like Blockchain.com to adapt and comply with regulatory requirements to ensure a sustainable and thriving marketplace.