Blockchain.com scores a second license from Singapore’s regulators, signaling compliance and a profitable hub for their crypto operations.
- Blockchain.com receives a payment institution license from Singapore regulators, like a shiny gold star for crypto conduct.
- This is the second license for Blockchain.com in Singapore, showing they’re no newcomers to the regulatory rodeo.
- Singapore’s crypto-friendly regulations make it a hotspot for companies like Blockchain.com to play nice in the crypto sandbox.
- With over 90% of their institutional business happening in Singapore, Blockchain.com’s dance moves to success are set to continue.
Remember that feeling when your teacher gives you a gold star for doing your homework? Well, Blockchain.com just got its own shiny gold star from Singapore’s regulators! They’ve been handed a license to party in the cryptocurrency playground, and it’s not their first rodeo. Let’s dive into the details and figure out why Singapore is the hottest spot for crypto companies.
Blockchain.com’s License Adventure: Round Two!
So, let’s rewind a bit. Back in September 2022, Blockchain.com got a nod of approval from MAS in the form of an in-principle approval. Think of it as getting a virtual high-five for your intentions. But fast forward to today, and they’ve turned that virtual high-five into a full-blown party invitation! The MPI license from MAS is like being handed the keys to the crypto kingdom.
Crypto Regulation 101: Making the Cool Kids Play Nice
Now, I know what you’re thinking: “Regulation? Yawn!” But bear with me, because this is important. Blockchain.com isn’t just collecting licenses for fun; they’re doing it to play by the rules in every corner of the globe. It’s like when your parents make you clean your room before you can go play with your friends. Singapore, with its snazzy regulatory environment, has become the ultimate playdate for Blockchain.com.
The Monetary Authority of Singapore (MAS) will commit up to S$150 million over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0).
— MAS (@MAS_sg) August 7, 2023
Singapore: The Crypto Wonderland
Why Singapore, you ask? Well, aside from being a paradise for foodies and skyline admirers, Singapore has a knack for attracting crypto big shots. It’s like the Las Vegas of the crypto world, minus the Elvis impersonators (although that would be epic). Other big players like Crypto.com, Circle, Paxos, and Ripple have also set up shop here. It’s a bit like all the superheroes coming together in one epic comic crossover event.
What’s next for Blockchain.com? Well, they’re not just here to party; they’re here to work hard and make things happen. With over 90 percent of their fancy institutional and accredited investor business happening in Singapore, they’re clearly planning to dance their way to success. And shoutout to the Monetary Authority of Singapore for being the ultimate party host – they’re keeping an eye on the crypto scene while letting the innovation dance flourish.
To Sum It All Up….
So, my crypto comrades, what’s the takeaway here? Blockchain.com just showed us that when it comes to crypto licenses, Singapore’s where the party’s at. With its golden MPI ticket, Blockchain.com is set to boogie down in this crypto wonderland. It’s like being invited to the coolest club in town, where regulations are the bouncers, and innovation is the DJ spinning the tunes. Keep your eyes on the dance floor, folks – the crypto party’s only getting started!