Blockchain.com, a crypto service company, has been granted a licence by Singapore’s financial regulator. After Coinbase’s Monday approval, this is the second crypto licence that Singapore’s central bank has given.
Blockchain.com, a crypto exchange and service platform, was approved by Singapore on Wednesday to provide payment services.
Under Provision of Digital Payment Token Services for the Public, this license constitutes an “in principle” approval. The firms are able to offer regulated financial services to Singaporeans. Coinbase was granted the same license this week.
According to a Reuters report, Blockchain.com is now the 18th licensed crypto company to operate in Singapore. A total of 180 companies applied for approval through the central banking unit of the Monetary Authority Singapore since 2020.
According to the report, fifty percent of the business is generated by institutions and the remaining half comes from the 84 million wallet owners.