Blockchain.com obtains major payment institution license in Singapore
Quick Take
- The license allows the exchange to “provide regulated digital payment token services to its global institutional and accredited investor customers,” the company said Monday.
Cryptocurrency business Blockchain.com has obtained a payment license in Singapore as it continues to expand its presence in Asia, the company said Monday.
Blockchain.com said in a statement that the Monetary Authority of Singapore issued the company a major payment institution license on August 1. The central bank previously granted the firm an in-principle approval for the license in October, according to its blog post.
The license allows the exchange to “provide regulated digital payment token services to its global institutional and accredited investor customers,” the company said.
Web3 support
On Monday, MAS announced a commitment of up to S$150 million ($111.6 million) over three years under a fintech and innovation program that includes a track to support web 3 technology.
Last month, Singapore’s High Court said it considered cryptocurrency property in a case involving crypto exchange Bybit and a contractor. The court ruled crypto assets are things in action and capable of being held on trust.
MAS also published a report in June in collaboration with the Bank for International Settlements on a framework for tokenization and institution grade DeFi protocols.
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