Blockchain.com Gains Regulatory Approval From Singapore’s Central Bank

Cryptocurrency exchange, Blockchain.com has announced it received regulatory approval from Singapore’s central bank to offer payment services in the city-state.

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Earlier this week, Coinbase made the same announcement. With the approval of Blockchain.com, the total number of crypto businesses allowed to operate in Singapore is 18.

As of January, approximately 180 firms have applied for a crypto payments license.

Valued at $14 billion, Blockchain.com stated Singapore is an attractive location to grow its intuitional customers and team.

About half of Blockchain’s business comes from institutions. The other half, its retail business has over 84 million wallets created in 200 different countries.

Singapore’s welcoming approach has helped the financial hub attract digital asset services-related firms from China, India and elsewhere in the last few years, making it a major hub in Asia.

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