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Singapore grants payment institution license to Blockchain.com

singapore-grants-payment-institution-license-to-blockchain-com
Edited by
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Singapore grants payment institution license to Blockchain.com

Blockchain.com has received a license from Singapore’s regulatory body, the Monetary Authority of Singapore (MAS).

The announcement follows the previous approval that the company received in September of last year from the MAS.

The new license will allow the exchange to offer regulated digital payment token services to its global institutional and accredited investor customers.

The financial regulatory entity in Singapore, known as the MAS, has been warning consumers and businesses about the risks of cryptocurrencies since 2013.

In 2017, the financial authority clarified that ICOs must follow the existing laws for securities.

In October 2022, the financial entity issued two consultation papers to lower the risk for consumers while interacting with cryptocurrencies.

Singapore as a crypto-friendly region

During the last few months, the MAS has granted licenses to major crypto players like Crypto.com, Ripple, and Circle, among others.

The financial regulator usually issues the approval license known as the license for Digital Payment Token (DPT), which allows crypto companies to provide services related to digital assets.

Due to the number of licenses granted by the MAS, Singapore has been considered a crypto-friendly country. Also, the city is regarded as a good tax zone. Cryptocurrencies are not subject to capital gains or individual or corporate taxes in this jurisdiction.