Blockchain.com has become the latest cryptocurrency exchange to receive regulatory approval from the Monetary Authority of Singapore (MAS), according to a Reuters report.
The announcement came only a day after its rival Coinbase revealed its new Singapore in-principal license. With the MAS approval, the crypto exchanges can legally offer crypto products in the city-state.
Singapore is a major financial center in the Asia Pacific region. In addition, it became a favorite base for crypto companies for its proximity to several major regional markets in Southeast Asia.
However, the MAS became one of the stringent regulators for crypto startups with strict regulatory requirements. The latest approval of Blockchain.com only took the number of MAS-approved crypto companies to 18, while the Singapore regulator has received around 180 applications for crypto payments licenses since 2020.
Other companies to obtain the crypto license in the Southeast Asian city-state are Crypto.com and DBS Vickers, among others.
A Major Crypto Platform
Blockchain.com, which is valued at $14 billion, is one of the prominent crypto exchanges in the market. It was founded in 2011 as a crypto wallet and later expanded its services to other areas of the industry.
The platform processed over $1 trillion in cryptocurrency transactions and has 84 million wallet holders from 200 countries. Interestingly, half of its business now comes from institutions.
Additionally, the company is bullish on the future prospect of its Singapore presence as the new license will help to grow its institutional customers and team.
Last month, Blockchain.com received a provisional license from the crypto regulator of Dubai. This shows the focus of the company on expanding its footprint in several Asian markets. Meanwhile, several other crypto platforms, including Binance and Crypto.com, also received approval from Dubai’s VARA to set up regulated businesses in the Middle East.
