MAS Approves Major Payment Institution License For Blockchain.com

Blockchain.com is the latest cryptocurrency exchange to receive a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). 

Per a published statement, the Singapore watchdog granted the MPI license to the crypto firm on Tuesday, August 1st, 2023. This move is significant to Blockchain.com’s commitment to comply with regulations in every jurisdiction where it conducts business.

Blockchain.com Receives In-Principle Approval From MAS

Markedly, this comes after almost one year of receiving in-principle approval from MAS.

The London-based cryptocurrency exchange was issued in-principle regulatory approval for a Digital Payment Token (DPT) license by the banking regulator in October 2022. Although this was only a preliminary license, it gave Blockchain.com the authorization to offer its services to customers in Singapore. 

Specifically, the DPT license allows the firm provides ‘regulated digital payment token services to its global institutional and accredited investor customers,”

Singapore Commended on Transparent Crypto Regulation

At that time, Blockchain.com was the 18th crypto-based firm to wield the DPT license. The exchange’s Chief Executive Officer and Co-Founder Peter Smith said “Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”

Truly, Singapore has provided a safe haven for crypto activities and regulators in the region have remained transparent in providing crypto legislation. In the last seven months, many crypto businesses have received licenses from Singapore in a bid to redirect their enterprise from the harsh market conditions in the United States. 

Ripple and Circle Receives MPI License in Singapore

Ripple, which has been in an almost three years-long battle with the U.S. Securities and Exchange Commission (SEC), equally received an MPI license from MAS in June. 

For the payment platform, this license was significant to its growth as it presented new opportunities for Ripple to develop its cross-border transfer capabilities, particularly for XRP, the company’s native cryptocurrency.

The MAS also presented the MPI license to USDC issuer Circle through it subsidiary in the region, Circle Internet Singapore. Jeremy Allaire, co-founder and CEO of Circle, stated: 

“Singapore is integral to Circle’s global expansion.”