Blockchain.com has received a major payment institution license from the Monetary Authority of Singapore (MAS). This regulatory approval, received on August 1, empowers the company to expand its service offerings to a wider spectrum of global institutional and accredited investors, the company said in a press statement.
Remarkably, this license comes in under a year since the company received in-principle approval from MAS—an expedited timeline compared to the usual application process.
Singapore holds a special position as the Southeast Asian headquarters for Blockchain.com. The company has articulated its plans to capitalize on the country’s stature as a thriving trading hub, especially for over-the-counter (OTC) spot and agency execution involving global institutional and accredited investor clients.
An OTC market, characterized by decentralized trading directly between participants without intermediaries, underscores the efficient and direct nature of these transactions. Spot trading—buying cryptocurrencies at real-time market prices and selling them later at higher prices—remains a crucial strategy in the crypto landscape. Additionally, agency execution, facilitated by third parties or brokers, serves as a pivotal mode for trade execution.
The license grants an added layer of confidence as Blockchain.com aims to consolidate its position and expand on a global scale. While Singapore remains a strategic focal point, the company envisions an enhanced infrastructure and the inclusion of custodial services among its future offerings.
