Coinbase has secured regulatory approval from Singapore’s central bank to provide payment services in the country.
Cryptocurrency exchange Coinbase announced in a blog that it has received regulatory approval from Singapore’s central bank, the Monetary Authority of Singapore (MAS), to provide payment services in the country. Including now for Coinbase, the MAS has awarded 17 in-principle approval and licenses for DPT platforms under the Payment Services Act. In a statement, Coinbase called this moment a “significant milestone” and said that it has been building its presence in Singapore and now has nearly 100 employees, with product engineers making up the bulk of the hires. In its blogpost, Coinbase said:
Singapore has a long history of embracing innovation and positioning itself at the forefront of the financial and technological revolution. We look forward to ongoing collaboration with the government on a pragmatic regulatory framework for digital assets, to empowering local and regional builders as they scale use cases, and to continue supporting efforts to consolidate the island state’s position as a global Web3 hub.
The in-principle approval allows Coinbase to offer regulated digital payment token products and services, which are regulated under Singapore’s Payment Service Act. Not all firms who applied to receive regulatory approval have been successful in their efforts. Along with Coinbase, Crypto.com and DBS Vickers – the brokerage run by the country’s largest bank DBS – are among those that have received licenses. Others include Luno and Paxos. Binance Singapore withdrew its application for a license to operate in the country in February 2022, and over 100 of the around 170 businesses that have applied to the MAS for regulatory approval to offer digital payment services have been denied.
Many firms have complained that the process of obtaining a regulatory license in Singapore is too hard, but the MAS has said that it will remain “unrelentingly hard” on cryptocurrencies as a regulator. In addition to being a scrupulous regulator, Coinbase and other crypto firms won’t be able to advertise their services in the country. In early 2022, the MAS released guidelines banning crypto platforms from promoting their services to the public on TV advertisements, but are allowed to advertise on their websites and social media accounts.
Coinbase on Tuesday announced that it entered into a partnership with Google to allow a select set of Google’s customers to pay for Cloud services using cryptocurrencies such as bitcoin and Ether.
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Source: https://cryptodaily.co.uk/2022/10/coinbase-secures-regulatory-approval-in-singapore