Cryptocurrency exchange Blockchain.com has received in-principle approval from the Monetary Authority of Singapore (MAS) for a license to offer “digital payment token” services in the city-state.
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- Blockchain.com is the second crypto exchange to earn the central bank’s in-principle approval this week, following the largest U.S. exchange, Coinbase.
- Blockchain.com said in a statement on Wednesday it hopes to expand its institutional client roster, which aligns with the central bank’s warnings against retail crypto trading.
- Singapore-based crypto exchanges Coinhako and Tokenize Xchange have previously stated that they are looking to shift their retail-dominated services to target institutional clients.
- While MAS has recently been accelerating approvals for crypto service providers, the world’s largest crypto exchange, Binance, withdrew its application for the island nation’s crypto license last year.
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