Blockchain.com Follows Coinbase in Getting Singapore License

Blockchain.com Follows Coinbase in Getting Singapore License
13 October 2022

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.

Read more: Is Coinbase’s Singapore Approval a Sign of Things to Come?

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.

Read more: MAS Response to Parliamentary Questions Shows Limitations of Payment Services Act

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 US$14 billion in March 2022, with over US$1 trillion transacted. In July this year, Blockchain.com revealed a US$270 million loss due to 3AC exposure.

Read more: Blockchain.com Named as Latest 3AC Victim; DeFiance Capital Considers Legal Action

“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.

Blockhead Team
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