Blockchain.com and TerraPay Secure Payments Licenses in Singapore

<p>The number
of cryptocurrency companies licensed by Singaporean authorities has just
significantly increased. This surge is attributed to TerraPay, a payment
service provider, and Blockchain.com, a platform that allows for the <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>
of digital assets. Both institutions have received a Major Payment Institution
(MPI) license from the Monetary Authority of Singapore (MAS).</p><p>Blockchain.com Receives
MPI License</p><p>The
cryptocurrency exchange announced the acquisition of the license yesterday
(Monday). This follows Blockchain.com receiving in-principle approval last
year, <a href="https://www.financemagnates.com/cryptocurrency/blockchaincom-gets-regulatory-greenlight-from-singapores-mas/" target="_blank" rel="follow">in September 2022</a>. The latest authorization allows them to offer
regulated digital payment token (DPT) services to their global institutional
customer base and clients with the necessary accreditations.</p><p>Exchange
representatives acknowledge that Singapore is an important trading hub for
Blockchain.com in the OTC spot and agency execution markets. Plus, it's the
company's main headquarters in Southeast Asia.</p><p>"We
are thrilled to receive this license that will allow Blockchain.com to bring
our industry-leading products and services to Singapore. We commend the
Monetary Authority of Singapore on its transparent regulatory process that
prioritizes crypto industry oversight while allowing innovation to thrive,"
commented Peter Smith, the CEO and Co-Founder of Blockchain.com.</p><p>In the 12
years since its launch, Blockchain.com has garnered 40 million users and
processed a total of cryptocurrency transactions valued at $1 trillion.</p><p>For Blockchain.com,
the Singaporean license is not the only regulatory update in recent months.
Last year, the company received provisional approval to start its operations <a href="https://www.financemagnates.com/cryptocurrency/news/blockchaincom-receives-provisional-approval-for-dubai-operations/" target="_blank" rel="follow">in
Dubai</a>, one of the UAE's emirates.</p><p>TerraPay Also Licensed in
Singapore</p><p>TerraPay, a
payments company, successfully obtained the same license as Blockchain.com. As a
result, local and international companies, including those in the
cryptocurrency sector, can utilize the network and infrastructure the company
provides in more than 200 different countries.</p><p><a href="https://www.financemagnates.com/fintech/singapore-tops-as-southeast-asia-reports-record-investments-in-fintech/" target="_blank" rel="follow">Singapore
is a vital market for TerraPay, which is similar to Blockchain.com</a>, as 50% of the
company's revenue comes from Asia. Singapore aims to be a gateway to the
Southeast Asian markets, including South Korea, Vietnam, and the Philippines.</p><p>"I am
incredibly proud of the comprehensive network of partners, employees,
countries, and licenses we have established worldwide, enabling us to offer
simplified payment services for everyone," said Ambar Sur, the Founder and
CEO of TerraPay. "Obtaining approval in Singapore is a game-changer,
solidifying our position as a leading cross-border payments powerhouse in one
of the most significant financial markets globally."</p><p>As reported in April by Finance Magnates, TerraPay recently closed its Series B
<a href="https://www.financemagnates.com/terms/f/funding-round/">funding round</a>, raising <a href="https://www.financemagnates.com/forex/news-nuggets-4-april-vida-markets-new-hire-funding-of-terrapay-and-bidget/" target="_blank" rel="follow">more than $100 million</a> in debt and equity financing.</p>

This article was written by Damian Chmiel at www.financemagnates.com.