Blockchain.com has made a significant stride in its expansion efforts across Asia. The crypto exchange revealed it had successfully obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS), solidifying its commitment to regulated services in the region.
The new licence empowers Blockchain.com to provide strictly regulated services for digital payment tokens to its extensive client base, consisting of global institutional and accredited investors. This achievement comes on the heels of the platform’s initial in-principle licence approval granted by the Singaporean central bank in October 2022.
Peter Smith, CEO and Co-Founder of Blockchain.com, expressed excitement about this new licence. He emphasized that this accomplishment enables the company to introduce its cutting-edge products and services to the dynamic Singaporean market.
Smith also commended the Monetary Authority of Singapore (MAS) for its transparent regulatory approach. According to him, the MAS’s approach simultaneously ensures industry oversight and nurtures an innovation-friendly environment.
Blockchain.com’s establishment and official recognition in Singapore perfectly align with its unwavering dedication to maintaining compliance and adhering to regulations across all the jurisdictions in which it conducts its operations.
The company’s official statement underscores Singapore’s significance as a profitable trading hub, boasting a diverse international clientele of institutional and accredited investors engaged in OTC Spot and Agency Execution trading. Additionally, Singapore serves as the pivotal regional headquarters overseeing Blockchain.com’s activities throughout Southeast Asia.
This recent development not only reinforces Blockchain.com’s official recognition within Singapore but also underscores the city-state’s growing reputation as a thriving hub for crypto and Web3 endeavors. Notably, a significant legal precedent was set in July 2023 when a Singaporean high court classified cryptocurrency as a
form of property during a case involving the crypto exchange Bybit and a former employee.
Earlier in January 2023, Blockchain.com initiated a substantial workforce reduction due to a notable financial setback. The company incurred significant losses, primarily attributed to loans extended to Three Arrows Capital (3AC), a hedge fund.
3AC’s bankruptcy in 2022 resulted in a substantial loss of about $270 million for Blockchain.com. Due to this financial setback, the company deemed it necessary to reorganize and regain stability, resulting in a workforce reduction of approximately 28%, impacting around 110 employees.
The company’s resilience and commitment to growth remain steadfast as it embarks on this new chapter in the vibrant Singaporean market.
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