Blockchain.com Gets Green Light to Operate in Singapore

Crypto exchange Blockchain.com has secured regulatory approval from the nation’s central bank.

Blockchain.com has been eyeing the Singaporean market because it deems it an attractive location to enhance its institutional clients and team. 

The latest approval came a day after that of crypto exchange Coinbase, bringing the number of crypto companies permitted to operate in Singapore to eighteen. 

Approximately 180 crypto firms had applied for operating licenses in the nation as of January 2022. Per the report:

“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 centre in Asia.”

Based on a $14 billion valuation in March, Blockchain.com has processed more than $1 trillion in transactions, having been in operation over the past decade, Blockchain.News reported. 

Half of the exchange’s business emanates from institutions, whereas retail players have 84 million wallets spread across 200 countries. 

Blockchain.com has been on an expansion drive, given that it got the green light to operate in Italy in August. The exchange welcomed this move because it saw it as a stepping stone toward offering services across Europe. 

In February, Italy's Ministry of Economy and Finance (MEF) published a new decree that required cryptocurrency and digital wallet service providers who operated or intended to operate in the Italian territory to enrol for a special section of the register held by the financial regulator Organismo Agenti e Mediatori (OAM).