Blockchain.com has taken a significant step in its Asian market expansion by obtaining a payment institution license in Singapore. This achievement was confirmed by the company on Monday through an official announcement.
Moreover, to elaborate on this accomplishment, Blockchain.com shared that the esteemed Monetary Authority of Singapore granted them a substantial payment institution license on August 1st. This noteworthy achievement follows the central bank’s previous approval in October, as documented in the company’s blog post.
This license grants the platform the authority to offer regulated digital payment token services to its valued clients worldwide. The recipients of these services include both institutional entities and accredited investors, as explained by the company.
A Financial Commitment: Advancing Innovation with Payment Institution License In Singapore
Consequently, Showing an increased dedication to technological advancement, the Monetary Authority of Singapore has also revealed a substantial allocation of up to S$150 million (approximately $111.6 million) over a span of three years. This financial commitment is directed toward an ambitious fintech and innovation initiative. This initiative encompasses a focused approach to nurturing the growth of web 3 technology.
Legal Landmarks: Singapore’s Stance on Cryptocurrency Property
Furthermore, recent legal developments have solidified Singapore’s evolving relationship with the cryptocurrency domain. Also, in a recent judgment, Singapore’s High Court determined that cryptocurrency qualifies as a form of property. This decision was reached in the context of a legal disagreement involving the cryptocurrency exchange Bybit and a contracting party.
The court’s ruling confirmed that crypto assets are recognized as “things in action” and are open to being held in trust. Additionally, the Monetary Authority of Singapore partnered with the Bank for International Settlements to introduce a detailed framework. This framework addresses the tokenization of assets and the creation of institution-grade decentralized finance (DeFi) protocols.
In conclusion, the collaborative report, released in June, establishes the foundation for forthcoming advancements in the domain of tokenization and financial protocol innovation.
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