Coinbase Receives In-Principle Approval to Provide Crypto Services in Singapore – Coinbase, a Nasdaq-listed cryptocurrency exchange, announced Monday that it has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) as a major payments institution license holder. “This license will allow us to offer regulated digital payment token products and services in the island state,” the announcement stated.
Today’s announcement demonstrates Coinbase’s commitment to Singapore as a regional hub. “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.”
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Coinbase stated that it has been steadily expanding its presence in Singapore for some time. Coinbase Ventures has invested in over 15 Singapore-based Web3 startups in the last three years, and the company announced Singapore as a tech hub last year. Coinbase is also expanding rapidly in Europe. The cryptocurrency exchange currently serves customers in nearly 40 European countries via dedicated hubs in Ireland, the United Kingdom, and Germany.
In addition, the company is pursuing additional registrations or license applications in a number of major markets. The crypto exchange was granted permission to offer its full suite of retail and institutional crypto products and services in the Netherlands last month. “We have taken strides to work collaboratively with government, policymakers, and regulators to shape the future in a responsible way,” Coinbase stated.
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