Crypto firm Blockchain.com approved by Singapore’s central bank

Quick Take

  • Blockchain.com, the crypto service company, gained a lisence from Singapore’s financial regulator.
  • This is the second crypto lisence handed out by the central bank in Singapore this week, following Coinbase’s approval on Monday.

The crypto exchange and service platform Blockchain.com gained Singapore’s approval on Wednesday to offer payment services.

The license is an “in-principle” approval under the Provision of Digital Payment Token Services to the Public, allowing the firms to provide Singaporeans regulated financial services. Coinbase received the same license earlier this week. 

The approval makes Blockchain.com the 18th crypto firm licensed to operate in Singapore, out of 180 companies that applied through the Monetary Authority Singapore central bank since 2020, according to a Reuters report.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Fifty percent of the exchange’s business comes from institutions, and 84 million wallet holders account for the other half of retail business, according to the report.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Inbar is a reporter covering crypto policy and regulation with a focus on Europe. Before The Block, she worked with several publications in Brussels including The Parliament Magazine and Are We Europe. Inbar holds a bachelor's degree in international relations from University College Utrecht and a master's degree in international politics from KU Leuven.

More by Inbar Preiss