8 August 2023, Singapore Having received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) on August 1, the top cryptocurrency exchange Blockchain.com recently declared that it had reached a critical milestone.
This important statement follows the central bank of Singapore’s preliminary clearance of Blockchain.com in October of the previous year. The exchange is prepared to further expand its Digital Payment Token (DPT) services to a wider range of institutional clients and investors in Singapore now that the MPI license has been acquired.
The co-founder and CEO of Blockchain.com, Peter Smith, expressed his gratitude for the Monetary Authority of Singapore’s open and progressive regulatory approach. Smith said, “We commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes oversight of the cryptocurrency industry while allowing innovation to thrive.”
With the granting of this crucial license, Blockchain.com joins the ranks of other DPT service providers active in Singapore, a group that also includes well-known companies like Crypto.com, Paxos, Circle, and Revolut.
A DPT service provider must successfully satisfy a number of requirements covering security measures, compliance processes, technical risk management, and audit arrangements in line with the strict assessment criteria established by MAS for acquiring an MPI license. These criteria are meant to guarantee thorough due diligence, suitable solicitation techniques, and thorough risk disclosure.
Such licenses are important since they provide as evidence of a crypto platform’s steadfast dedication to upholding regional regulations controlling both financial and operational procedures. The purchase of the MPI license by Blockchain.com marks an important step forward in the company’s development.
The Notable Crypto Regulatory Environment in Singapore
On Monday, the Monetary Authority of Singapore (MAS) declared its intention to contribute up to SG$150 million (about $112 million) in support of various fintech solutions, including those linked to Web3 technology.
In order to encourage new financial solutions resulting from cutting-edge technology like Web3, MAS introduced the “Innovation Acceleration track,” highlighting the significance of cooperative collaborations with the sector.
Recent developments include the June introduction of a protocol by Singapore’s central bank that aims to provide standards for the use of digital currencies, such as stablecoins and central bank digital currencies (CBDCs).
As was previously reported, MAS has been actively enhancing its approach to onboarding cryptocurrency service providers in cooperation with local financial institutions, demonstrating Singapore’s ongoing commitment to maintaining a robust regulatory framework within the quickly changing cryptocurrency landscape.
