Crypto exchange Blockchain.com has reportedly been the most recent crypto entity obtaiinng preliminary authorization from Singapore’s central bank to offer Digital Payment Token services in the city-state.

Specifically, Blockchain.com’s regulatory nod was granted hot long after the one approved for Coinbase – who has disclosed its success to snatch the similar “in-principle” greenlight from the Monetary Authority of Singapore (MAS) on Oct. 11.

Should the official greenlight finalized, Blockchain.com would become one of the establishments that have managed to secure licensing for digital Payment Token services, including crypto exchanges DBS Vickers and Independent Reserve, digital payment solution provider FOMO Pay, and crypto-friendly payments application Revolut, among others.

Head of Blockchain.com and co-founder Peter Smith reportedly praised the nation’s regulators for forming a “transparent regulatory process” to nurture innovation. 

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

This will not be the first incident a firm creating a positive reference to the straightforward regulatory environment in Singapore for crypto entities.

Not too long ago, virtual asset platform Anchorage Digital co-founder and president Diogo Mónica reportedly mentioned Singapore’s strong regulatory environment and the emergence of a crypto hub as the driving factors for the decision of the city-state as a “jump point” into the Asian markets.

Mónica further underscored, in contrast, the regulatory clarity insufficiency regarding the United States as a significant roadblock, recommending that even if a firm able to grasps the proper knowledge of what rules govern an asset, there would still be difficulty to decide which of the 15 regulators they need to engage with.