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Crypto exchange Blockchain.com Wins Singapore Licence

Blockchain.com becomes one of the 18 approved crypto services in Singapore, out of 180 who have applied for a licence since January

Crypto industry
Blockchain.com said on Wednesday it has received approval to offer its payment services in Singapore

Crypto exchange platform Blockchain.com said on Wednesday it has won approval from Singapore’s central bank to offer its payment services in the country.

The crypto platform, backed by investors including Lightspeed Venture Partners, said it considers Singapore an attractive location to grow its institutional customers and team.

Blockchain.com was valued at $14 billion in March, and said half of its business comes from institutions and its retail business has 84 million wallet holders from 200 countries.

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The announcement came a day after crypto giant, Coinbase, said it had also received the same approval. This brings the number of crypto companies allowed to operate in Singapore to 18, out of the roughly 180 firms who have applied for a crypto payments licence as of January this year.

Singapore’s welcoming approach has helped the financial hub attract digital asset services-related firms from China, India and elsewhere in the last few years, making it a major centre in Asia.

However, crypto players have seen the value of their holdings drop after this year’s collapse of crypto fund Three Arrows Capital and cryptocurrencies Luna and TerraUSD, as well as a steady stream of cyber robberies.


  • Reuters, with additional editing from Alfie Habershon


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Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.


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