The company, known as an early crypto platform globally, has announced that it has obtained a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) on 1 August 1 2023.
This announcement comes after Blockchain.com received preliminary approval from MAS in September 2022. This license allows Blockchain.com to offer regulated digital payment token (DPT) services to its institutional and accredited investor clients worldwide.
The company’s CEO and Co-Founder, Peter Smith, expressed appreciation for the license, highlighting the opportunity to bring their products and services to Singapore and acknowledging MAS's balanced approach to crypto industry oversight and innovation. The firm’s presence in Singapore aligns with its commitment to compliance across jurisdictions of operation.
Singapore holds significance for Blockchain.com as a trading hub, serving its international institutional and accredited investor customers in OTC Spot and Agency Execution trading. It also functions as the company's Southeast Asia headquarters.
The recent launch of Blockchain.com Pay aims to simplify cryptocurrency transactions for businesses and users. Since its inception in 2011, the company has gained licenses and registrations across different regions to ensure regulatory compliance in global markets.
In October 2022 Blockchain.com introduced its Blockchain.com Visa Card, utilising Visa's payment network and Marqeta's card issuing platform. Upon launch, over 50,000 people joined the waitlist. Initially, the card served US residents, enabling fee-free spending of crypto or cash within their Blockchain.com Wallet.
Users that use the service earn 1% in crypto rewards for transactions using Visa debit card acceptance. After the US release, expansion to more countries was planned from 2023. The card benefits from Visa's network and Marqeta's platform, offering no sign-up, issuance, or annual fees. Marqeta's Just-in-Time Funding feature lets users spend crypto and settle in fiat, tied to their verified Blockchain.com Wallet. The card allows for both online and physical purchases from US merchants accepting Visa debit cards.
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