Blockchain.com has secured an in-principle approval for the Major Payment Institution License from the Monetary Authority of Singapore (MAS) to begin offering Digital Payment Token (DPT) services.

With this preliminary approval, Blockchain.com said that it will continue to service institutional and high net worth investors, project teams and operators in the crypto ecosystem.

The company added that it remains committed to obtaining registrations and licenses in all jurisdictions where it does business.

Alongside this approval, Blockchain.com will also continue to grow its Singapore office and expand its institutional client roster.

Just days ago, crypto exchange platform Coinbase was also granted an in-principle approval from MAS.

“Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive,”

said Peter Smith, CEO and Co-founder of Blockchain.com.

Featured image edited based on photo by Guo Xin Goh via Unsplash