Blockchain.com has made an announcement for the cryptocurrency community-based in Singapore. The cryptocurrency exchange has announced that it has been given the approval to operate in Singapore.
Blockchain.com Allowed to Operate in Singapore
The exchange officials have announced that the regulatory body in Singapore has given them permission to operate in the country.
The exchange has the preliminary approval to operate and provide cryptocurrency and digital asset services to the locals in Singapore.
The approval to operate in Singapore has come from the central bank of Singapore.
Singapore is Welcoming Crypto Exchanges
It comes as a major development for the entire crypto community that Singapore has started approving preliminary requests from crypto exchanges to operate in the country.
The country is now welcoming a number of cryptocurrency exchanges and other crypto related firms to operate and offer their services to the locals.
Prior to approving Blockchain.com, the Monetary Authority of Singapore (MAS) had given approval to Coinbase to operate in Singapore.
It was announced on October 11 by Coinbase that they had been given the go by the MAS to operate.
Blockchain’s Preliminary Approval
Blockchain.com has made it clear that for now, it has received preliminary approval from the central bank of Singapore.
However, based on their performance and business, the MAS would decide whether they would be given the full and licensed approval to operate or not.
The officials at Blockchain.com revealed that they are more than confident that they will get approval from the MAS going forward.
When that happens, Blockchain.com would be able to join the likes of licensed entities in the country providing Payment Token services for digital assets.
Some of the major services in the country that are already operating include Revolut, FOMO Pay, Independent Reserve, and DBS Vickers.
Revolut is a major payments application that is also crypto friendly. FOMO Pay, is a digital payment solution provider, while Independent Reserve and DBS Vickers are crypto exchanges.
There are entities other than the mentioned platforms that are already providing crypto related services.
Regulatory Environment in Singapore
Following the approval, the executives at Blockchain.com went onto praise the regulatory environment in Singapore that is very straightforward.
Singapore is indeed adopting a very welcoming approach towards cryptocurrencies and cryptocurrency entities.
However, many other crypto related entities have been found praising the regulatory transparency and straightforwardness of Singaporean regulators.
Singapore Becoming a Crypto Hub
In recent years, Singapore has changed its stance against cryptocurrency firms. Primarily, the country had made strict rules surrounding cryptocurrency entities.
However, the country has started adopting flexible regulatory and approval requirements for crypto firms. This would eventually give a great push to cryptocurrencies in the country.
This may eventually provide great support to the cryptocurrency industry in the country, making Singapore a cryptocurrency hub.