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Blockchain.com Wins Major Payment License From MAS

Blockchain.com's new Major Payment Institution (MPI) license allows it to offer regulated digital payment token services to its global institutional and accredited investor customers

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Blockchain.com has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). The license follows its provisional approval from September 2022.

Under its new license, the London-based crypto platform can offer regulated digital payment token services to its global institutional and accredited investor customers.

Blockchain.com CEO Peter Smith said, "We are thrilled to receive this license that will allow Blockchain.com to bring our industry-leading products and services to Singapore, we commend the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive."

Singapore serves as Blockchain.com's Southeast Asia HQ and represents an important, profitable trading hub for the firm.

Despite giving it the cold shoulder last year, MAS has warmed to the crypto industry over the past few months.

In June, MAS granted Ripple an In-Principle Approval (IPA) for an MPI and greenlit Crypto.com's application for an MPI.

MAS has also committed S$150 million to support the growth of the fintech solutions, including Web3 over the next three years.

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