Singapore’s central bank, the Monetary Authority of Singapore (MAS), has given Coinbase “approval in principle” to allow crypto exchanges “offering regulated digital payment token products and services in the island nation “, Coinbase emphasized.” Today’s announcement underscores our commitment to Singapore as a regional hub.”
Coinbase is committed to making Singapore a regional hub
Nasdaq-listed crypto exchange Coinbase announced on Monday that it has received “Initial Proof of Approval (IPA) from the Monetary Authority of Singapore (MAS) as a Major Payment Institution License Holder.” Details of the announcement are as follows.
The license will allow the company to offer regulated digital payment token products and services in the island nation.
“Today’s announcement underscores our commitment to Singapore as a regional hub.” Coinbase emphasized. “Singapore serves as the hub for Coinbase’s APAC institutional business…. . getting this basic approval from MAS is an important step as we plan to launch our full retail, institutional and ecosystem products. Singapore plays an important regulatory and commercial role in APAC and beyond and serves as our global talent hub.” We are excited to continue investing and building for the crypto economy here.”
Coinbase explained that it has been quietly growing its presence in Singapore. The company announced Singapore as its tech hub last year, and Coinbase Ventures has invested in more than 15 Singapore-based web3 startups in the past three years.
Coinbase is also expanding aggressively in Europe. The crypto exchange now serves customers across nearly 40 European countries through dedicated hubs in Ireland, the UK, and Germany. The company is also pursuing additional registrations or license applications in several key markets.
Last month, Crypto Exchange received approval to offer a full suite of retail and institutional crypto products and services in the Netherlands.” We have moved forward to work cooperatively with governments, policy makers, and regulators to shape the future in a responsible manner.” Coinbase stated.
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