Popular cryptocurrency exchange BlockchainCom has received its license from the Central Bank of Singapore, which includes regulatory approvals.
Recently, Coinbase was among the crypto exchanges licensed from Singapore. Working on the development and dissemination of cryptocurrencies, Singapore has licensed another exchange. BlockchainCom will officially offer payment services in the city-state.
Singapore Takes An Important Place In The Crypto Ecosystem
Singapore, which wants to be the center of cryptocurrencies, has been receiving applications for licenses in crypto payments since 2020. Out of nearly 180 firms applying for a crypto service license, only 18 crypto companies were allowed. Proven companies such as Coinbase and BlockchainCom have been authorized to become service providers in the country.
BlockchainCom, which was valued at $14 billion last spring, happily welcomed its license from Singapore. In a statement, the company stated that its customer portfolio will grow in the island country and the team will expand.
The popular cryptocurrency exchange has 84 million active users from 200 different countries. The company also wants to expand its operations, especially in Asian countries, and reach more users. Many more crypto exchanges are expected to apply for licenses to the island nation in the coming days.
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