The expansion of crypto activity in Singapore

After Coinbase obtained a crypto license in Singapore, another crypto company obtained regulatory approval from the same country on Thursday.

With the new license, Blockchain.com will be able to provide cryptocurrency services in the country.

The move comes amid a favorable environment for the crypto space in the South Asian country.

Many crypto companies that were originally based in neighboring countries have already shifted to Singapore.

Blockchain.com Obtains a Crypto License in Singapore:
The last step is to add to the case of Singapore, which is witnessing a growing activity in the crypto arena and seeking to become a major hub for the crypto community.

According to a Reuters report, Blockchain.com is now the 18th such company to obtain a crypto license in the country.

As many as 180 crypto companies have already applied for a crypto payments license from regulators in Singapore.

Payments laws in the country favor the use of digital payments.

The Payment Services Act of Singapore allows individual and corporate users to use digital payment services.

Blockchain.com said in a statement that it views Singapore as an attractive location for growth prospects.

She added that the country allows the development of its global user base and workforce.

Along with this approval, Blockchain.com will continue to grow its office in Singapore and expand its list of institutional clients, the company said.

Blockchain.com derives half of its business from enterprise clients.

The company added in its statement that it has about 84 million digital wallet holders from 200 countries.

Blockchain.com was founded in 2011 and currently has around 37 million certified users.

The expansion of crypto activity in Singapore:

Peter Smith, CEO and co-founder of Blockchain.com, felt that the regulatory process in Singapore was transparent, stating:

Blockchain.com commends the Monetary Authority of Singapore for its transparent regulatory process that prioritizes oversight of the crypto industry while allowing innovation to flourish.

He said that after approval, the company was appointed to serve institutional investors and improve the company's presence in the region.