The biggest digital asset trading platform in the world, Blockchain.com, has got the green light from Singapore’s central bank to start accepting payments there. This news follows a similar release by Coinbase the previous day.
Approximately 180 businesses have requested a crypto transactions license as of Jan this year, bringing the total number of crypto firms running in Singapore to 18.
Blockchain.com Is The Latest To Receive Approval
Blockchain.com’s CEO, Peter Smith, praised Singapore’s regulatory climate for encouraging innovation, noting that his business is not the first to highlight Singapore’s easy regulatory framework favorably.
Smith was asked whether he thought blockchain technology would eventually replace conventional banking, which prompted his remarks. Smith predicted that blockchain will complement conventional banking rather than supplant it.
He said that Singapore’s lax bureaucracy and business-friendly regulatory climate had encouraged a plethora of startups to set up shop there.
The Financial Services Authority of Singapore has given Blockchain.com the green light to begin operations (MAS). On October 11, the firm received “in-principle” clearance for the launch of its Payment Token services. In doing so, it joined the ranks of Coinbase and the other two firms in the city-state that have been granted such permission.
If the MAS gives Blockchain.com the go-light, it will join other companies offering Payment Token services in Singapore, such as DBS Vickers and Independent Reserve, FOMO Pay, and Revolut. Considering the size of the country, it might be challenging for blockchain enterprises to comply with the varying regulations that exist throughout the 50 states.
The purpose of the DPT license is to guarantee the safety of clients’ funds and personal information while dealing with businesses that manage digital assets. Its other purpose is to make sure businesses are complying with anti-money laundering and countering the funding of terrorism rules in Singapore.