- Blockchain.com and Coinbase have got approval from Singapore’s central bank to provide payment services in the country
- Blockchain.com became the second crypto company in the past two days to get approved after Coinbase announced it had received a similar approval this week
- As of now, 18 crypto companies operate in Singapore
Coinbase and Blockchain.com are the latest crypto entrants in Singapore after obtaining approval from Singapore’s central bank. Both firms received the approval just a day apart from each other. At the moment, around 18 crypto firms operate in Singapore out of the 180 firms that are awaiting their crypto payment license in the country.
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Coinbase officially marks its presence in Singapore
Coinbase, a platform for trading digital assets, announced that it has been granted a licence to conduct business in Singapore. According to Coinbase, The Monetary Authority of Singapore (MAS), has given the cryptocurrency exchange the green signal to offer “digital payment token products and services” in the city-state.
The central bank and financial watchdog of Singapore, the Monetary Authority of Singapore, describes digital payment as “digital representations of value that do not have a physical form and are usually stored with blockchain technology.
According to Coinbase, its footprint in Singapore was expanding even before the operating licence was given, and this allowed it to invest in both human capital and cryptocurrency companies in the island nation.
Coinbase was given the all-clear to operate in Singapore weeks after the cryptocurrency trading platform successfully registered with the Dutch Central Bank (De Nederlandsche Bank — DNB).
First Coinbase, now Blockchain.com receives green signal to operate in Singapore
Blockchain.com, a cryptocurrency exchange supported by notable investors including Lightspeed Venture Partners, announced on Wednesday that Singapore’s central bank has given the go-ahead to provide payment services in the city-state approval. This story was first reported by Reuters.
Cryptocurrency heavyweight, Coinbase announced it obtained the same approval just a day before.
According to a statement released by Blockchain.com, which was valued at $14 billion in March, Singapore is an attractive place for the company to expand its institutional clientele and staff. According to the company, its retail division has 84 million wallet holders from 200 different countries and receives half of its revenue from institutions.
Singapore has become a key centre in Asia thanks to the financial hub’s success in luring enterprises involved in digital asset services from China, India, and other countries in recent years.
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Feature Image Source: Coinbase