Blockchain.com, a cryptocurrency enterprise, has secured a payment license in Singapore, marking its expansion in Asia.
The Monetary Authority of Singapore issued a significant payment institution license to Blockchain.com on August 1. This follows the firm’s in-principle approval for the license in October, as previously detailed in their blog post.
With this license, the company can offer regulated digital payment token services to its global institutional and accredited investor clientele.
Moreover, the Monetary Authority of Singapore has announced a commitment of up to S$150 million ($111.6 million) over three years for a fintech and innovation program, including support for web 3 technology.
In a separate development, Singapore’s High Court recently recognized cryptocurrency as property in a case involving Bybit crypto exchange and a contractor. The court affirmed that crypto assets can be considered things in action and are capable of being held on trust.
Additionally, MAS collaborated with the Bank for International Settlements to publish a report in June outlining a framework for tokenization and institution-grade DeFi protocols.
