Blockchain.com Gets A Regulatory Nod From Singapore’s Central Bank
Blockchain.com becomes the second crypto exchange in two days to receive preliminary approval to offer crypto services within the growing crypto hub.
Cryptocurrency exchange Blockchain.com has become the latest cryptocurrency company from Singapore’s central bank to secure pre-approval to offer digital payment token services in the city-state.
Blockchain.com’s regulatory approval follows Coinbase, which revealed on Oct. 11 that it had received the same “in principle” approval from the Monetary Authority of Singapore (MAS).
If officially approved, Blockchain.com has already licensed digital payment token services, including crypto exchanges DBS Vickers and Independent Reserve, digital payment solution provider FOMO Pay, and crypto-friendly payment app Revolut. You will join the company.
Blockchain.com CEO and co-founder Peter Smith praised national regulators for creating a “transparent regulatory process” to foster innovation, stating:
“Blockchain.com applauds the Monetary Authority of Singapore for its transparent regulatory process that prioritizes oversight of the cryptocurrency industry while allowing innovation to thrive.”
The company is not the first to make positive comments about Singapore’s simple regulatory environment for cryptocurrency companies.
Recently, Diogo Mónica, co-founder and president of digital asset platform Anchorage Digital, cited Singapore’s strong regulatory environment and emergence of a cryptocurrency hub as the motivation for choosing the city-state as a “jump point” into the Asian market. I mentioned it.
Mónica also highlighted the lack of regulatory clarity in the United States, by contrast, as a key problem, and even if companies understand the rules governing their assets, they cannot decide which of the 15 regulators they need to engage with. It suggests that it can be difficult to judge.
Related: Why Singapore is one of the most crypto-friendly countries
In August 2021, cryptocurrency exchange Independent Reserve was one of 170 global competitors to receive preliminary DPT license approval.
CEO Adrian Przelozny also spoke positively about the transparency of Singapore’s regulatory environment, stating at the time:
“A well-regulated environment benefits both investors and crypto industry stakeholders. With rules tailored to the crypto industry, Singapore now has the clearest and most detailed regulatory framework of any jurisdiction in Asia. I have a license requirement.”
Przelozny suggested that with the licensing, “Singapore will continue to maintain its status as a major financial hub in Asia.”
Blockchain.com Gets A Regulatory Nod From Singapore’s Central Bank
Source link Blockchain.com Gets A Regulatory Nod From Singapore’s Central Bank
