It has been reported that Blockchain.com’s regulatory approval follows hot on the heels of Coinbase, which revealed it had received the same “in-principle” approval from the Monetary Authority of Singapore (MAS) on October 11. If officially approved, Blockchain.com would join the likes of companies already licensed for digital Payment Token services including crypto exchanges DBS Vickers and Independent Reserve, digital payment solution provider FOMO Pay, and crypto-friendly payments application Revolut, among others.
Peter Smith, the CEO and co-founder of Blockchain.com, said:
“Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.”
However, it is not the first company to make a positive reference to the straightforward regulatory environment in Singapore for crypto companies. Recently, digital asset platform Anchorage Digital co-founder and president Diogo Mónica pointed to Singapore’s strong regulatory environment and the emergence of a crypto hub as its motivation to choose the city-state as a “jump point” into the Asian markets.
The report said that Mónica also highlighted, in contrast, the lack of regulatory clarity in the United States as a major issue, suggesting that even if a company understands what rules govern an asset, it can be difficult to determine which of the 15 regulators they need to engage with.
Likewise, in August 2021, crypto exchange Independent Reserve was one of the first of 170 global competitors to receive preliminary approval for the DPT license.
CEO Adrian Przelozny said:
“A well-regulated environment will benefit both investors and crypto industry stakeholders. With tailormade rules for the crypto industry, Singapore currently has the clearest and most detailed licencing requirements of any jurisdiction in Asia.”
Thus, Przelozny suggested the license grants “will continue to put Singapore in pole position as the leading financial hub in Asia.”