Financial Regulatory Authority (MAS) formally Blockchain.com license to operate in Singapore confirmed Currently, 160 financial institutions are awaiting approval from Singapore.
Singapore is fast becoming Pole of cryptocurrency exchanges is in the world This country plans to become the largest cryptocurrency country in East Asia. In this regard, Blockchain.com and Coinbase have been licensed this week.
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Blockchain.com license to operate in Singapore
Cryptocurrency exchange Blockchain.com became the second platform of the week to receive a license to operate from Central Bank of Singapore receives. Blockchain.com’s license to operate in Singapore allows the exchange to operate its digital payment services under Singapore’s Payment Services Act.
Financial Regulatory Authority of Singapore (MAS), has approved Blockchain.com’s license to operate in the country, despite increased security and regulatory strictures. MAS tends to work with major players in the cryptocurrency industry while protecting users’ capital.
MAS is gauging the conditions of the DeFi market. According to the Financial Regulatory Authority of Singapore, the DeFi domain can facilitate the process of wholesale lending as well as lending through public blockchains. MAS plans to attract new industrial talents and invite such start-up businesses in the field of blockchain to cooperate.
PSA strictures continue
The Blockchain.com exchange announced that it will use its license to serve institutional investors as well as projects and operators of the crypto ecosystem. PSA’s conditional approval allows Blockchain.com to offer its services and products to larger industry customers.
In January 2020, the PSA increased regulatory requirements for payment services such as electronic payments and cryptocurrency exchange services. Currently, Blockchain.com exchange is one of the 54 active financial institutions in Singapore. Blockchain.com prior to approval of the license to operate as Digital currency service provider was busy
There are currently 160 financial institutions awaiting Singapore approval. 100 institutions have been disqualified by MAS so far and basically only seven institutions succeeded Digital Payment Token License Receive from MAS.
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Source: blockworks