Blockchain.com Secures MPI License from MAS

In a significant development for the cryptocurrency landscape, cryptocurrency exchange Blockchain.com has secured a major boost by receiving a payments license from the Monetary Authority of Singapore (MAS), the country’s central bank.

This achievement underscores Singapore’s commitment to establishing itself as a prominent global crypto hub. The license, granted on August 1st, enables Blockchain.com to offer digital payment token services to institutional and accredited investors, solidifying its position as a key player in the burgeoning digital financial ecosystem.

Benefits of the MPI License

The MPI license provides Blockchain.com with a number of benefits, including:

  • The ability to offer digital payment token services to a wider range of customers, including institutional and accredited investors.
  • Increased credibility and legitimacy in the eyes of regulators and investors.
  • Access to Singapore’s deep pool of financial talent and resources.
  • The ability to participate in Singapore’s growing crypto ecosystem.

Implications of Singapore’s Growing Crypto Hub Status

Blockchain.com Secures MPI License from MAS
Increased Crypto Adoption can lead to price of Bitcoin to rise

Singapore’s granting of an MPI license to Blockchain.com is a major milestone for the country’s crypto industry. It is a sign that Singapore is serious about its ambitions to become a global crypto hub, and it is likely to attract more crypto businesses to the country unlike USA which is dragging crypto companies to courts.

The growing prominence of Singapore in the crypto industry has a number of implications for the global financial system. For example, it could lead to increased innovation in the development of new financial products and services. It could also make it easier for people to access and use cryptocurrencies.

Blockchain.com is the twelfth digital payment token service provider to get its license approved, in the country, other providers include Circle, Independent Reserve, Paxos, Revolut and DBS Vickers.

Comparison to Other Crypto Hubs

Singapore is not the only country that is vying to become a global crypto hub. Other countries that are also making progress in this area include Japan, Hong Kong and the United Kingdom. However, Singapore has several advantages that could give it an edge in the race to become the leading crypto hub.

First, Singapore has a well-developed regulatory framework for cryptocurrencies. This provides investors with confidence that their investments are safe and secure.

Second, Singapore has a strong financial sector and a deep pool of talent in the fintech industry. This makes it an attractive place for crypto businesses to set up shop.

Third, Singapore is a stable and politically-neutral country. This makes it a safe haven for investors who are concerned about the volatility of other jurisdictions.

Author’s Take

The granting of an MPI license to Blockchain.com is a significant development for the cryptocurrency industry. It is a sign that Singapore is serious about its ambitions to become a global crypto hub, and it is likely to attract more crypto businesses to the country.

According to analysis by Galaxy Digital, even though the United States continued to get the majority of cryptocurrency startup investment in Q2 2022,  Singapore-based crypto businesses were third in line, after the United Kingdom.

On 7th Aug, MAS said it would commit $112 million, around 150 million Singapore dollars, to supporting the financial technology sector, including those in Web3.

It could lead to increased innovation in the development of new financial products and services. It could also make it easier for people to access and use cryptocurrencies. Only time will tell how the crypto industry will evolve in the years to come, but Singapore is well-positioned to become a leading player in this rapidly growing space.

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