Another major crypto exchange received regulatory approval from the Monetary Authority of Singapore.
Coinbase, an American cryptocurrency exchange established in 2012 by Brian Armstrong, has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS).
According to the blog post shared on October 10th, the regulatory approval will allow Coinbase to offer Digital Payment Token products and services.
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The company highlighted that its aim to expand in Singapore shouldn’t be a surprise, considering that Coinbase has been increasing its presence in the city. In 2021, Coinbase announced Singapore as its tech hub. Following the announcement, the company continued to hire and train Web3 product managers and engineers.
Moreover, in its announcement, Coinbase added that its ventures have been investing in local Web3 startups. To date, Coinbase Ventures invested in over 15 startups.
"Today’s announcement underlines our commitment to Singapore as a regional hub that allows us to unlock new capabilities for Singapore-based institutional and corporate clients in the future,” noted the blog post.
The company claims that it will continue to work with Singapore Fintech Association (SFA), the Singapore Association of Cryptocurrency Enterprises and Start-ups Singapore(ACCESS), and advisory.sg to make Singapore’s Web3 ecosystem thrive.
"We collaborate with industry associations to promote dialogue with policymakers, and ensure balanced regulations, and a pragmatic approach to the regulatory framework for digital assets,” said Hassan Ahmed, Coinbase's regional director for Southeast Asia.
The Southeast Asia regional director added that the company views Singapore as “a strategic market and a global hub for Web3 innovation."
After launching new regulations for companies to receive Crypto Payments License in 2020, MAS has received around 180 applications. Currently, Singapore has given In-Principal Approval and licenses to 17 companies. Coinbase rival Crypto.com received a green light from MAS back in June.
In other news, at the end of August, The Monetary Authority of Singapore reportedly sent a questionnaire to a handful of selected crypto firms, including applicants and owners of digital-payment licenses.