After Coinbase, Blockchain.com Gets Singapore Crypto License, What’s Next

Following Coinbase’s approval of Singapore license, yet another exchange got the regulatory nod on Thursday. With the new license, Blockchain.com would be able to offer payment services in the country. The move comes amid a favorable environment for crypto community in the South Asian country. Already, several crypto companies originally based in neighboring countries shifted base to Singapore.

Blockchain.com Gets Singapore Crypto License

The latest move adds to Singapore’s growing case of becoming a top hub for crypto community. According to a Reuters report, Blockchain.com is now the 18th such company to receive a crypto license in the country. As many as 180 companies have already applied for crypto payments license from Singapore’s regulators. The country’s payments laws favor the use of digital payments. Singapore’s Payment Services Act allows individual users and institutions to use digital payment token services.

In a statement, the exchange said it views Singapore as an attractive location for growth prospects. It added that the country allows for growing its global userbase and its workforce. Blockchain.com derives half of its business from institutional clients. It has around 84 million wallet holders from 200 countries, it said.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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