Blockchain.com gets regulatory nod from Singapore’s Central Bank

Blockchain.com becomes the second crypto exchange in 2 days to receive preliminary approval to produce crypto services at intervals the growing crypto hub.

Crypto exchange Blockchain.com has become the most recent crypto company to secure preliminary approval from Singapore’s financial organisation to produce Digital Payment Token services within the city-state.

Blockchain.com’s regulatory approval follows hot on the heels of Coinbase, that unconcealed it had received an equivalent “in-principle” approval from the financial Authority of Singapore (MAS) on Oct 11.

If formally approved, Blockchain.com would be a part of the likes of firms already licenced for digital Payment Token services as well as crypto exchanges DBS Vickers and freelance Reserve, digital payment resolution supplier FOMO Pay, and crypto-friendly payments application Revolut, among others.

Blockchain.com CEO and co-founder Peter Smith recommended the country’s regulators for making a “transparent restrictive process” to foster innovation, stating:

“Blockchain.com commends the Financial Authority of Singapore on its clear regulatory method that prioritizes crypto industry oversight while permitting innovation to thrive.”

It is not the primary company to form a positive relevance the simple restrictive setting in Singapore for crypto firms.

Recently, digital plus platform Anchorage Digital co-founder and president Diogo Mónica pointed to Singapore’s sturdy restrictive setting and therefore the emergence of a crypto hub as its motivation to settle on the city-state as a “jump point” into the Asian markets.

Mónica additionally highlighted, in distinction, the shortage of restrictive clarity within the U.S. as a significant issue, suggesting that although an organization understands what rules govern associate plus, it may be tough to see that of the 15 regulators they have to have interaction with.

In August 2021, crypto exchange freelance Reserve was one in every of the primary of 170 international competitors to receive preliminary approval for the DPT license.

CEO Adrian Przelozny additionally created a positive relevance the transparency of Singapore’s restrictive setting, noting at the time:

“A well-regulated setting can profit each investor and crypto trade stakeholders. With tailormade rules for the crypto trade, Singapore presently has the clearest and most careful licencing needs of any jurisdiction in Asia”

Przelozny recommended the license grants “will still place Singapore in position because the leading monetary hub in Asia.”