Blockchain.com Receives In-Principle Approval from Monetary Authority of Singapore

Blockchain.com, a leading crypto wallet provider, digital asset trading platform, and block explorer service provider, recently revealed that it has “secured an in-principle approval for the Major Payment Institution License offering Digital Payment Token services from the Monetary Authority of Singapore (MAS).”

With this preliminary approval, Blockchain.com Singapore continues “to service institutional and high net worth investors, project teams and operators in the crypto ecosystem.”

Blockchain.com “views Singapore as an attractive city-state to invest in the growth of its institutional customers and its team, as the most advanced economy in Southeast Asia.”

At Blockchain.com, they’re “advocates of thoughtful regulation and remain committed to obtaining registrations and licenses in all jurisdictions where we do business.”

Blockchain.com CEO and Co-Founder Peter Smith said:

“Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”

Alongside this approval, Blockchain.com will “continue to grow its Singapore office and expand its institutional client roster.”

As reported last month, Dubai seeks to support crypto and blockchain innovation, and Blockchain.com has signed a Memorandum of Understanding (MOU) with the Dubai Virtual Assets Regulatory Authority (VARA).

That means that soon both retail and institutional clients will be able “to access the financial system of the future through Blockchain.com in Dubai.”

Known for “pioneering” innovation in architecture, finance, and travel, the United Arab Emirates aspires to become “a hub of global assets and blockchain technology.” Dubai is committed to “providing the crypto industry a meaningful center of gravity that also boosts the local economy.”

The regulatory body’s strategy is “to provide meaningful guidelines and regulatory predictability to virtual asset service providers while protecting investors and enabling growth of the virtual assets sector.”

Crypto investors in Dubai and its surrounding regions will soon be able “to experience Blockchain.com’s full suite of retail and institutional brokerage tools including custodial services, an exchange, and OTC crypto brokerage services for institutional clients.”

As part of their local commitment, Blockchain.com is in the process of “opening a local office and intends to hire in the region.” They are also actively “pursuing a local Minimum Viable Product license, followed by a full license as soon as it becomes available.”

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