crypto exchange block chain.com has obtained regulatory approval from the nation’s central bank.

Blockchain.com has been eyeing the Singapore market as it sees it as an attractive place to upgrade its team and institutional clients.

The latest approval came a day after that of cryptocurrency exchange Coinbase, bringing the number of cryptocurrency companies authorized to operate in Singapore to eighteen.

Approximately 180 crypto companies had applied for operating licenses in the country as of January 2022. According to the report:

“Singapore’s welcoming approach has helped the financial hub attract digital asset services-related businesses from China, India and elsewhere in recent years, making it a major hub in Asia.”

Based on a $14 billion valuation in March, Blockchain.com has processed more than $1 trillion in transactions, having been in operation for the past decade, Blockchain.News reported.

Half of the exchange’s business emanates from institutions, while retail players have 84 million wallets spread across 200 countries.

Blockchain.com has been on an expansion campaign, having been given the green light to operate in Italy in August. The exchange Welcome this move because he saw it as a springboard towards offering services across Europe.

In February, the Italian Ministry of Economy and Finance (MEF) published a new decree requiring cryptocurrency and digital wallet service providers that operated or intended to operate on Italian territory to enroll in a special section of the registry of the financial regulator Organismo Agenti e Mediatori (OAM).

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