Blockchain.com, a non-custodian cryptocurrency wallet and exchange platform, has received an in-principle approval from the Monetary Authority of Singapore (MAS). With the approval, Blockchain.com can offer services to regional institutional and high net worth investors.
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According to a blog announcement, the Luxembourg-based company will now expand its Singapore office and double down on its "institutional client roster."
"Blockchain.com commends the Monetary Authority of Singapore on its transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive," said Blockchain.com Co-Founder, Peter Smith.
In July, Blockchain.com laid off 25% of its workforce, citing market conditions. A spokesperson for the company said that the Blockchain.com fired 150 employees, closed its Argentinian office and froze plans for worldwide expansion. The majority of the layoffs (around 44%) affected employees in Argentina, with 26% in the US and 16% in the UK.
Singapore's approval comes shortly after the European Union prohibited to provide crypto-asset wallet, account, or custody services of any value to accounts with connections to Russia, irrespective of the amount of the wallet.
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