Blockchain.com secures Major Payment Institution (MPI) license from Singapore MAS
“We commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”
Blockchain.com has been granted a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) on the 1st of August 2023, the crypto exchange company announced.
The regulatory approval comes nearly one year after Blockchain.com received its in-principle approval from MAS, which took place in September 2022.
Blockchain.com allowed to provide regulated digital payment token (DPT) services in Singapore
The Singapore MAS-issued MPI license allows Blockchain.com to provide regulated digital payment token (DPT) services to its global institutional and accredited investor customers.
The MPI license is expected to further strengthen Blockchain.com’s presence in Singapore, which is also the firm’s Southeast Asia headquarters. The registration is part of its broader commitment to compliance and regulation in every jurisdiction where it conducts business, the company said.
Singapore represents a large, profitable trading hub for Blockchain.com, serving global institutional and accredited investor clients trading in OTC Spot and Agency Execution.
“Singapore prioritizes crypto industry oversight while allowing innovation to thrive”
Blockchain.com group CEO and Co-Founder Peter Smith, who will be a keynote speaker at Token2049 Conference in Singapore on September 13, commented on the regulatory approval in Singapore.
“We are thrilled to receive this license that will allow Blockchain.com to bring our industry-leading products and services to Singapore, we commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”
The company has recently launched Blockchain.com Pay, a revolutionary white-label crypto on- and off-ramp designed to empower businesses and streamline the process of buying and selling cryptocurrencies for their users.
Since its inception in 2011, Blockchain.com has earned the trust of more than 90 million wallets and over 40 million verified users, facilitating over $1 trillion in crypto transactions. The company holds licenses and registrations in various regions, ensuring regulatory compliance in a range of markets globally.