Coinbase, the largest crypto exchange in the US by trading volume, has secured a license to operate in Singapore. After gaining a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), the crypto exchange can now offer payment services in the island country.As per the firm’s press release, the in-principle approval (IPA) allows individuals and institutions to use digital payment token services as the firms are controlled by MAS under its Payment Services Act.Hassan Ahmed, Coinbase’s regional director for Southeast Asia, commented:
Apart from Coinbase, Crypto.com and DBS Vickers, which is the brokerage run by Singapore’s largest bank DBS, have also received licenses. Note that it was only recently that DBS allowed its new members to access its exclusive cryptocurrency trading services.
The decision to approve licenses of crypto firms seems highly crucial amid the recent warnings by the Singaporean government that sternly claimed that ‘not all crypto-related operations are regulated in the nation’.
This move proves to be a game-changer for Coinbase as it continues to steadily invest in Singapore. In 2021, the firm announced that Singapore will be one of its tech development centers. Singapore continues to be the hub for Coinbase’s business focused on institutional investors in the Asia-Pacific region.
Coinbase further called the feat of gaining an in-principle approval from MAS ‘an important step’ in launching a full range of retail, institutional, and ecosystem products.
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Source: Cryptocurrency - investing.com
