Blockchain.com Now Holds the Singapore-Issued DPT License

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Blockchain.com, a cryptocurrency exchange based in London has received in-principle regulatory approval for a Digital Payment Token (DPT) license from the Monetary Authority of Singapore (MAS). Interestingly, this report comes barely 24 hours after Coinbase received the same license in Singapore. 

On the whole, Singapore’s friendly and welcoming ambiance has served as a force of attraction for digital assets service providers and other crypto-related firms from across India, China, and many other countries with an emphasis on Asia. 

Blockchain.com Chief Executive Officer and Co-Founder Peter Smith commented on the transparent process that MAS offers for applicants for its license.  Smith stated, “Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”

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Therefore, Blockchain.com becomes the 18th crypto firm to join the likes of Crypto.com, Coinbase, DBS Vickers, and fourteen other firms that hold the DPT license from Singapore. This number of approvals shows only ten percent of all the applications which the Singaporean central bank has received for a payment license since 2020.

Leading cryptocurrency exchange Binance may have been one of the firms wielding this DPT license from Singapore but it decided to withdraw its application at the end of last year. 

At that time, Binance also stopped the entry of new users and would not allow Singapore-based users to deposit crypto or fiat on the platform. 

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Blockchain.com Operates in Regulated Territories

Although this DPT license is a preliminary approval, Blockchain.com intends to continue to service institutional and high-net-worth investors, project teams, and operators in the crypto ecosystem.

According to a Medium post by Blockchain.com, the company perceives Singapore as “an attractive city-state to invest in the growth of its institutional customers and its team, as the most advanced economy in Southeast Asia.” Also, “At Blockchain.com, we’re advocates of thoughtful regulation and remain committed to obtaining registrations and licenses in all jurisdictions where we do business.”

Meanwhile, Blockchain.com has successfully earned the position of virtual asset service provider (VASP) in Dubai. It also signed an agreement with Dubai’s cryptocurrency regulator, the Virtual Assets Regulatory Authority (VARA) to open an office in the region and begin hiring employees.

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