Blockchain.com Follows Coinbase in Getting Singapore License

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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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Trouble continues to brew for Three Arrows Capital (3AC) and those attached to it. In the most recent chapter of the 3AC debacle, cryptocurrency exchange Blockchain.com has been revealed as the latest player exposed to the crumbling crypto lender. According to CoinDesk, Blockchain.com stands to lose US$270 million from lending to 3AC, whose offices remain […]
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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.