Singapore’s central bank has recently granted a major payment institution license to the popular crypto exchange, Blockchain.com. This license allows Blockchain.com to offer unrestricted payment services, including digital payment token services and cross-border transfers, without any limits on transaction volumes. The granting of this license is a significant step forward for Blockchain.com and the crypto industry in Singapore.

In-Principle Approval and Regulation

Blockchain.com had previously received in-principle approval from the Monetary Authority of Singapore in September 2022, which paved the way for the recent granting of the major payment institution license. This approval allows both individuals and institutions to utilize digital payment token services, with the assurance that these services are regulated by the central bank under its Payment Services Act. This regulatory oversight ensures the safety and reliability of using Blockchain.com’s services.

Competing Exchanges Also Granted Licenses

It is worth noting that Blockchain.com is not the only crypto exchange to receive the major payment institution license in Singapore. Competing exchange Crypto.com also obtained the license in June, completing the regulatory process. The approval for Crypto.com was also given in-principle around the same time last year. These developments demonstrate Singapore’s commitment to becoming a prominent player in the crypto industry.

Ripple Labs Secures Preliminary License

In addition to Blockchain.com and Crypto.com, Ripple Labs has recently secured a similar preliminary license in Singapore. This license enables Ripple Labs to provide crypto products and services across the entire city-state, further adding to the growing presence of trusted crypto entities in Singapore’s market.

Singapore’s Significance for Blockchain.com

Blockchain.com has emphasized the significance of Singapore as a center for its exchange. The country serves as a hub for worldwide institutional clients and accredited investors engaged in Over-the-Counter (OTC) Spot and Agency Execution trading. By catering to these clients, Blockchain.com can leverage Singapore’s strong position in the global financial market and provide top-notch services to its users.

Singapore’s Commitment to the Crypto Industry

Singapore has been actively working to establish itself as a key player in the crypto industry. The Monetary Authority of Singapore, on August 7, announced its commitment to allocating $112 million (about 150 million Singapore dollars) to support the fintech sector, including those operating in the Web3 space. This funding commitment, coupled with additional regulatory measures, aims to safeguard customers and foster innovation within the industry.

Blockchain.com’s Journey and Investors

Established in 2011, Blockchain.com has successfully secured a total of $490 million from seven funding rounds. Its investor base includes reputable names such as Baillie Gifford, Kyle Bass, Vy Capital, Lightspeed Venture Partners, and the Digital Currency Group. Despite facing challenges in the past, including staff layoffs and delays in global expansion plans, Blockchain.com has managed to navigate the market and emerge as a trusted and prominent player in the crypto industry.

In conclusion, the granting of the major payment institution license to Blockchain.com is a significant milestone for both the exchange and the crypto industry in Singapore. It solidifies Singapore’s position as a crypto-friendly hub and provides users with a regulated and trustworthy platform to engage in digital payment token services. With the support of the Singaporean government and its commitment to fostering innovation, the future looks promising for the crypto industry in Singapore.

Note: Images have been omitted from this article as they were not provided in the original content.