- Coinbase got approval from the Central Bank of Singapore to offer payment services in the city.
- The exchange named it a “Significant Milestone”.
Today (October 11, 2022) Coinbase announced that it has received in-principle approval as a Major Payment Institution in the Lion City, Singapore.
Hello Singapore
Excited to announce we have received an In-Principle Approval as a Major Payment Institution in the Lion City! This is an important step in our mission of being the most trusted crypto platform in Asia Pacific.https://t.co/pc2pkTl7yG
— Coinbase (@coinbase) October 11, 2022
Coinbase’s Regulatory Approval in Singapore
The U.S.’ largest cryptocurrency exchange, Coinbase, got permission to offer regulated Digital Payment Token products and services in the island state. The exchange is now one step ahead to build up its strong presence in Singapore with its around 100 employees. However, a total of 180 crypto firms have applied for the payment license in the city, where just 17 out of them got in-principle approvals. Apart from Coinbase, Crypto.com and DBS Vickers received licenses in Singapore.
Here, the in-principle approval intends individuals and institutions to use digital payment token services. It also includes that the particular firm is regulated by the Central Bank under its Payment Services Act. It must be noted that from last year, the Central bank started giving in-principle approval to the crypto firms.
The firm added in its recent blog on its official website that “We are excited to announce that we have received our In-Principle Approval (IPA) as a Major Payments Institution license holder from the Monetary Authority of Singapore (MAS).”
Coinbase further confirmed that its “CEO and Co-founder, Brian Armstrong will be taking the stage at Singapore Fintech Festival on November 4th, in a fireside chat with Sopnendu Mohanty, the Chief Fintech Officer at MAS.”
Hassan Ahmed, Regional Director for Southeast Asia at Coinbase shared that “We see Singapore as a strategic market and a global hub for Web3 innovation.”
Coinbase Expansion in The Lion City
The exchange stated it is increasing its presence in the Lion City. As in previous years it announced Singapore as a “tech hub” for Coinbase and continued to hire and train product managers and engineers on Web3 technologies. Its Coinbase Ventures invested in over fifteen Singapore-based Web3 startups in the recent three years and established a team in the island city to drive investment activity in the Asia-Pacific region.
Moreover, Coinbase looks forward to continuing its work with local Web3 community groups such as ACCESS, Singapore Fintech Association and advisory.sg in favor of a thriving local ecosystem. After gaining the in-principle approval from MAS the firm further plans to launch its full suite of retail, institutional and ecosystem products.
As the Lion City plays a critical regulatory and commercial role in APAC and beyond, and serves as Coinbase global talent hub; the exchange will be excited to continue investing and building for the crypto economy here.
Source: https://www.thecoinrepublic.com/2022/10/11/coinbase-marked-a-significant-milestone-in-singapore/