Cryptocurrency exchange Blockchain.com has received in-principle approval from the Monetary Authority of Singapore (MAS) for a license to offer “digital payment token” services in the city-state.
See related article: Singapore’s MAS says needs to do better job explaining crypto policy
Fast facts
- Blockchain.com is the second crypto exchange to earn the central bank’s in-principle approval this week, following the largest U.S. exchange, Coinbase.
- Blockchain.com said in a statement on Wednesday it hopes to expand its institutional client roster, which aligns with the central bank’s warnings against retail crypto trading.
- Singapore-based crypto exchanges Coinhako and Tokenize Xchange have previously stated that they are looking to shift their retail-dominated services to target institutional clients.
- While MAS has recently been accelerating approvals for crypto service providers, the world’s largest crypto exchange, Binance, withdrew its application for the island nation’s crypto license last year.
See related article: Singapore wants to bring some adult supervision to crypto