Blockchain.com Granted An MPI License by the Monetary Authority of Singapore

On August 7th, cryptocurrency exchange Blockchain.com announced that it has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore(MAS), the Central Bank of Singapore, on August 1st. The exchange is allowed to offer what the regulators call digital payment token services to institutions and accredited investors.

Before the exchange’s full license comes, it obtained in-principal approval from the bank in September last year.

With the license, Blockchain.com joins other providers such as Circle, Independent Reserve, Paxos, Revolut and DBS Vickers as the country's twelfth digital payment token service provider.

Prior to this, the MAS recently approved other licenses, including an in-principal approval in June for an MPI license for blockchain-based payment company Ripple to provide cryptocurrency services.

Seven months after receiving in-principle approval, the local entity of USDC issuer Circle was also granted an MPI license in June.

Singapore is committed to solidifying its position as a crypto hub through funding commitments and further industry regulations around customer protection.

Earlier on August 7th, the MAS announced that it would commit $112 million (approximately S$150 million) to support the fintech industry, including the Web3 industry.

The regulatory body also introduced new rules in July, including a requirement for cryptocurrency service providers to deposit client funds into a statutory trust by the end of this year, with further proposals being developed to restrict cryptocurrency providers from facilitating lending or staking of retail client assets.

A report from Galaxy Digital in July stated that while the U.S. continued to dominate crypto startup funding in the second quarter of 2022, Singapore-based crypto firms came in third place, second only to the U.K.

(Source: Cointelegraph)