Singapore’s central bank, the Monetary Authority of Singapore (MAS), has given Coinbase “in-principle approval” allowing the crypto exchange to “offer regulated digital payment token products and services in the island state.” Coinbase stressed: “Today’s announcement underlines our commitment to Singapore as a regional hub.”
Coinbase Commits to Make Singapore its Regional Hub
The Nasdaq-listed crypto exchange Coinbase announced Monday that it has received “In-Principle Approval (IPA) as a major payments institution license holder from the Monetary Authority of Singapore (MAS).” The announcement details:
The license allows us to sell regulated digital token products and services within the island state.
“Today’s announcement underlines our commitment to Singapore as a regional hub,” Coinbase stressed. “Singapore serves as the hub for Coinbase’s APAC institutional business … Gaining this in-principle approval from MAS is an important step, as we plan to launch our full suite of retail, institutional and ecosystem products. Singapore plays a critical 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 stated that the company has quietly been increasing its presence here for some time. Coinbase Ventures announced Singapore as its tech hub in 2013 and has made investments in more than 15 Web3 startups based in Singapore over the past three year.
Coinbase also has a strong presence in Europe. Coinbase currently has customers in almost 40 European countries via dedicated hubs located in Ireland, Germany, and the U.K. Additionally, the company seeks additional licenses in major markets.
The crypto exchange was approved last month to provide its complete range of institutional and retail crypto products and services in Netherlands. “We have taken strides to work collaboratively with government, policymakers, and regulators to shape the future in a responsible way,” Coinbase said.
Let us know your thoughts about Coinbase making Singapore their regional hub. Comment below to let us know your thoughts.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of selling or buying products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.