Crypto firm Blockchain.com next to secure licence in Singapore

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Another cryptocurrency exchange, Blockchain.com, has received approval from the Monetary Authority of Singapore (MAS) to offer payment services in the country. This comes shortly after Coinbase announced it received similar approval.

According to Reuters, this brings the number of cryptocurrency companies operating in the country to 18 out of the approximately 180 firms that applied for a crypto payments licence in January.

Quoting Blockchain.com, Reuters said the company views Singapore as "an attractive location to grow its institutional customers and team". In fact, half of Blockchain.com's business is derived from institutions and there are 84 million wallet holders from 200 countries under its retail arm. MARKETING-INTERACTIVE has reached out to Blockchain.com for additional information.

In March this year, Blockchain.com raised approximately US$14 billion in fresh funds, according to Bloomberg, more than doubling its worth. In May, Blockchain.com was ranked among CNBC's Disruptor 50 list, which showcases companies that endured the tumultuous journey during the pandemic and are ready to face increasing economic and consumer challenges.

While Singapore is attempting to become a hub for digital asset activities, MAS has also taken a cautious approach to cryptocurrencies, saying in August that it is mulling adding restrictions on retail access to cryptocurrencies. MD Ravi Menon previously said that consumers seem to be "irrationally oblivious about the risks of cryptocurrency trading" and that consumer-related risks have also gained the attention of regulators globally.

Additionally, the journey hasn't been smooth sailing for crypto players as Binance, for example, ceased operations in Singapore this year while Do Kwon, the creator of TerraUSD that is owned by Singapore-based Terraform Labs, is currently facing prosecution in South Korea.

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