MAS Licenses Blockchain.com In Singapore
Blockchain.com, a prominent player in the cryptocurrency space, has secured yet another milestone by obtaining a license from Singapore’s monetary watchdog, the Monetary Authority of Singapore (MAS). This development follows a prior approval granted to the company in September of the previous year by the same regulatory body.
https://t.co/RsHnxp4mwT has received a license from Singapore's regulatory body, the Monetary Authority of Singapore (MAS)https://t.co/mIEdc9T7zv
— crypto.news (@itscrypto_news) August 8, 2023
Blockchain.com’s License
The newly acquired license positions Blockchain.com to extend regulated digital payment token services to its esteemed global clientele, comprising institutional and accredited investors. The move showcases the company’s commitment to maintaining a compliant and secure environment for its users.
Singapore’s regulatory landscape has long been attuned to the potential risks and rewards associated with cryptocurrencies. The Monetary Authority of Singapore (MAS) has played a proactive role in educating both consumers and businesses about the intricacies of the digital currency realm since as early as 2013. This proactive stance continued in 2017, when the MAS made it clear that Initial Coin Offerings (ICOs) must conform to existing securities laws.
MAS Consultation Papers
The MAS issued two consultation papers in October 2022 with the aim of mitigating risks for consumers engaging with cryptocurrencies. The series of measures put forth underline Singapore’s dedication to fostering a safe and conducive environment for cryptocurrency adoption. Notably, the MAS has been granting licenses to several significant players in the cryptocurrency sector. Among them are names like Crypto.com, Ripple, and Circle, demonstrating the nation’s proclivity for accommodating reputable digital asset entities.
Related: MAS Commits S$150M To FSTI 3.0
The license bestowed by the MAS, known as the Digital Payment Token (DPT) license, empowers crypto companies to offer a spectrum of services related to digital assets. These licenses have been instrumental in cementing Singapore’s reputation as a crypto-friendly jurisdiction, fostering innovation while maintaining regulatory vigilance. In addition to its pro-crypto stance, Singapore’s status as an attractive tax haven further enhances its appeal to cryptocurrency businesses and investors. The absence of capital gains, individual, and corporate taxes on cryptocurrencies positions the city-state as an appealing destination for those navigating the complexities of the digital financial landscape.
