Blockchain.com Gets Major Payment License In Singapore

Blockchain.com, a cryptocurrency startup, announced on Monday that it had acquired a payment license in Singapore to grow its regional footprint.

According to a statement from Blockchain.com, the Monetary Authority of Singapore granted the business a license as a significant payment institution on August 1. 

According to a blog post by the company, the central bank had earlier given the firm an okay in principle for the license in October.

Thanks to the license, the exchange can now “provide regulated digital payment token services to its global institutional and accredited investor customers,” according to the business.

Web3 Assistance

A fintech and innovation program that includes a track to support Web 3 technologies will receive up to S$150 million ($111.6 million) from MAS over three years, according to an announcement made on Monday.

In a dispute between the cryptocurrency exchange Bybit and a contractor, Singapore’s High Court declared last month that it saw cryptocurrencies as property. The judge found that digital currency is a living organism that may be trusted.

In June, MAS and the Bank for International Settlements jointly released a paper on a framework for tokenization and institutional-grade DeFi protocols.