Blockchain.com has been granted a payment license by the Monetary Authority of Singapore, the country's central bank

Blockchain.com, a cryptocurrency exchange, has recently obtained a payments license from the Monetary Authority of Singapore (MAS), the central bank of Singapore.

On August 7, Blockchain.com made an announcement on the acquisition of its significant payment institution (MPI) license from the Monetary Authority of Singapore (MAS) on August 1. This license enables the platform to offer digital payment token services to institutional and accredited investors, as defined by the regulatory body.

The exchange was granted its complete license subsequent to receiving preliminary permission from the bank in September of the previous year.

Blockchain.com has been granted a license, making it the twelfth digital payment token service provider in the country. This places it in the company of other established providers like as Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers.

The Monetary Authority of Singapore (MAS) has granted many recent approvals, including an in-principal approval for a Multi-Payment Institution (MPI) license to enable the provision of cryptocurrency services to Ripple, a blockchain-based payments company, in the month of June.

The regional branch of Circle, the issuer of USD Coin (USDC $1.00), obtained its MPI license in June, following a seven-month period since receiving its in-principle approval.

Singapore is actively pursuing the consolidation of its status as a prominent center for cryptocurrency activities through the provision of financial resources and the implementation of further regulatory measures aimed at safeguarding client interests.

On August 7th, the Monetary Authority of Singapore (MAS) announced its commitment of $112 million, equivalent to around 150 million Singapore dollars, towards bolstering the financial technology industry, particularly in the realm of Web3.

In July, the regulatory body implemented further regulations, one of which mandates crypto service providers to retain customer funds in a statutory trust by year-end. Furthermore, the regulator is currently developing additional measures to limit the ability of crypto providers to facilitate lending or staking of assets belonging to retail customers.

According to a survey published in July by Galaxy Digital, the majority of investment for cryptocurrency startups in Q2 2022 was still concentrated in the United States. However, Singapore-based cryptocurrency firms ranked third in terms of funding, with the United Kingdom leading the way.