Crypto trade Blockchain.com has become the newest crypto firm to safe preliminary approval from Singapore’s central financial institution to offer Digital Fee Token companies within the city-state.
Blockchain.com’s regulatory approval follows sizzling on the heels of Coinbase, which revealed it had acquired the identical “in-principle” approval from the Financial Authority of Singapore (MAS) on Oct. 11.
If formally authorized, Blockchain.com would be part of the likes of firms already licensed for digital Fee Token companies together with crypto exchanges DBS Vickers and Unbiased Reserve, digital fee answer supplier FOMO Pay, and crypto-friendly funds software Revolut, amongst others.
Blockchain.com CEO and co-founder Peter Smith counseled the nation’s regulators for making a “clear regulatory course of” to foster innovation, stating:
“Blockchain.com commends the Financial Authority of Singapore on its clear regulatory course of that prioritizes crypto business oversight whereas permitting innovation to thrive.”
It isn’t the primary firm to make a optimistic reference to the easy regulatory surroundings in Singapore for crypto firms.
Not too long ago, digital asset platform Anchorage Digital co-founder and president Diogo Mónica pointed to Singapore’s sturdy regulatory surroundings and the emergence of a crypto hub as its motivation to decide on the city-state as a “soar level” into the Asian markets.
Mónica additionally highlighted, in distinction, the shortage of regulatory readability in the US as a serious problem, suggesting that even when an organization understands what guidelines govern an asset, it may be tough to find out which of the 15 regulators they should have interaction with.
Associated: Why Singapore is among the most crypto-friendly nations
In August 2021, crypto trade Unbiased Reserve was one of many first of 170 world rivals to obtain preliminary approval for the DPT license.
CEO Adrian Przelozny additionally made a optimistic reference to the transparency of Singapore’s regulatory surroundings, noting on the time:
“A well-regulated surroundings will profit each traders and crypto business stakeholders. With tailormade guidelines for the crypto business, Singapore at the moment has the clearest and most detailed licencing necessities of any jurisdiction in Asia”
Przelozny urged the license grants “will proceed to place Singapore in pole place because the main monetary hub in Asia.”
