Blockchain.com Gets Nod To Offer Digital Payment Token Services in Singapore
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Blockchain.com Certification After Coinbase
The regulatory certification for Blockchain.com comes shortly after Coinbase announced on October 11 that it had obtained a similar in-principle approval from the Monetary Authority of Singapore (MAS). In a blog post, Coinbase made the in-principle permission official.
According to the article, Coinbase became authorized to offer Digital Payment Token (DPT) goods and services across the island country with this clearance. The exchange also mentioned that on November 4, as part of the Singapore Fintech Festival, Coinbase's CEO and co-founder, Brian Armstrong, would take part in a fireside chat with MAS's chief financial officer, Sopnendu Mohanty.
Businesses Licensed for Digital Payment Token Services
The cryptocurrency exchanges DBS Vickers and Independent Reserve, the supplier of digital payment solutions FOMO Pay, and the cryptocurrency-friendly payment software Revolut are just a few of the businesses already licensed for digital payment token services that Blockchain.com would join if it were legally recognized.
Peter Smith, the CEO, and co-founder of Blockchain.com, praised the nation's authorities for establishing a "clear regulatory procedure" to encourage innovation, saying that Blockchain.com appreciates the Monetary Authority of Singapore for its open regulatory framework that prioritizes monitoring of the cryptocurrency industry while fostering innovation.
Anchorage Digital Enters Into Asian Market
Recently, the co-founder and president of the digital asset platform Anchorage Digital, Diogo Mónica, cited Singapore's stable regulatory framework and the establishment of a crypto hub as reasons for the company's decision to use the city-state as a jump point into the Asian markets.
Mónica also emphasized as a primary issue the lack of regulatory transparency in the United States, contending that even if a corporation is aware of the regulations governing an asset, it may be challenging to choose which of the 15 agencies to contact.