Blockchain.com gets regulatory nod from Singapore’s central bank

by · October 20, 2022

Blockchain.com gets regulatory nod from Singapore’s central bank

Crypto exchange Blockchain.com has become the latest crypto company to secure preliminary approval from Singapore’s central bank to offer digital payment token services in the city-state.

Blockchain.com’s regulatory approval follows on the heels of Coinbase, which revealed it had received the same “in-principle” approval from the Monetary Authority of Singapore (MAS) on October 11.

If officially approved, Blockchain.com will join companies already licensed for digital payment token services, including crypto exchanges DBS Vickers and Independent Reserve, digital payment solutions provider FOMO Pay and crypto-friendly payment application Revolut, among others.

Blockchain.com CEO and co-founder Peter Smith praised the country’s regulators for creating a “transparent regulatory process” to foster innovation, saying:

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

It is not the first company to have a positive reference to Singapore’s easy regulatory environment for crypto companies.

Recently, digital asset platform Anchorage Digital co-founder and president Diogo Mónica pointed to Singapore’s strong regulatory environment and the emergence of a crypto hub as the motivation for choosing the city-state as a “jumping point” into the Asian markets.

Mónica also, in contrast, highlighted the lack of regulatory clarity in the US as a major problem, suggesting that even if a company understands what rules govern an asset, it can be difficult to decide which of the 15 regulators they need to engage with .

Related: Why Singapore is one of the most crypto-friendly countries

In August 2021, crypto exchange Independent Reserve was one of the first of 170 global competitors to receive preliminary approval for the DPT license.

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CEO Adrian Przelozny also referred favorably to the openness of Singapore’s regulatory environment, noting at the time:

“A well-regulated environment will benefit both investors and crypto industry stakeholders. With rules tailored to the crypto industry, Singapore currently has the clearest and most detailed licensing requirements of any jurisdiction in Asia.

Przelozny suggested that the license grants “will continue to put Singapore in pole position as the leading financial hub in Asia.”