The number of cryptocurrency companies licensed by Singaporean authorities has just significantly increased. This surge is attributed to TerraPay, a payment service provider, and Blockchain.com, a platform that allows for the exchangeof digital assets. Both institutions have received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Blockchain.com Receives MPI License
The cryptocurrency exchange announced the acquisition of the license yesterday (Monday). This follows Blockchain.com receiving in-principle approval last year, in September 2022. The latest authorization allows them to offer regulated digital payment token (DPT) services to their global institutional customer base and clients with the necessary accreditations.
Exchange representatives acknowledge that Singapore is an important trading hub for Blockchain.com in the OTC spot and agency execution markets. Plus, it's the company's main headquarters in Southeast Asia.
"We are thrilled to receive this license that will allow Blockchain.com to bring our industry-leading products and services to Singapore. We commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive," commented Peter Smith, the CEO and Co-Founder of Blockchain.com.
In the 12 years since its launch, Blockchain.com has garnered 40 million users and processed a total of cryptocurrency transactions valued at $1 trillion.
For Blockchain.com, the Singaporean license is not the only regulatory update in recent months. Last year, the company received provisional approval to start its operations in Dubai, one of the UAE's emirates.
TerraPay Also Licensed in Singapore
TerraPay, a payments company, successfully obtained the same license as Blockchain.com. As a result, local and international companies, including those in the cryptocurrency sector, can utilize the network and infrastructure the company provides in more than 200 different countries.
Singapore is a vital market for TerraPay, which is similar to Blockchain.com, as 50% of the company's revenue comes from Asia. Singapore aims to be a gateway to the Southeast Asian markets, including South Korea, Vietnam, and the Philippines.
"I am incredibly proud of the comprehensive network of partners, employees, countries, and licenses we have established worldwide, enabling us to offer simplified payment services for everyone," said Ambar Sur, the Founder and CEO of TerraPay. "Obtaining approval in Singapore is a game-changer, solidifying our position as a leading cross-border payments powerhouse in one of the most significant financial markets globally."
As reported in April by Finance Magnates, TerraPay recently closed its Series Bfunding round, raising more than $100 million in debt and equity financing.
This article was written by Damian Chmiel at www.financemagnates.com.
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