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Blockchain.com has become the second crypto firm to win a license from the Monetary Authority of Singapore (MAS) this week.
On Wednesday, the crypto platform announced it was granted an in-principal approval for a Digital Payment Token (DPT) license, which would allow the firm to conduct a virtual asset business under the Major Payment Institution (MPI) licence.
Earlier this week, Coinbase announced it also received an in-principal approval from MAS to provide DPT services in the country.
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Blockchain.com added it plans to grow its Singapore office as well as expanding its institutional client roster.
Some 18 crypto firms have now received licenses in the Little Red Dot – just 10% of the 180 applicants. Blockchain.com CEO and co-founder Peter Smith said the firm “commends” MAS on its “transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”
MAS has taken a rather cautious approach to crypto in Singapore, deterring exposure to retail investors. The financial watchdog recently warned that not all activities related to DPT are regulated in the city-state. Many firms continue to operate in the sector without needing a license, and the consequences for investors can be harsh if things go south.
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According to Blockchain.com, the platform, which launched in 2011, has over 84 million wallets from more than 200 countries with 37 million verified users. The company was valued at $14 billion in March 2022, with over $1 trillion transacted. In July this year, Blockchain.com revealed a $270 million loss due to 3AC exposure.
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“Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com,” Blockhain.com CEO Peter Smith said at the time, in a letter to shareholders.
