Coinbase’s Stock Surges on Singaporean License Approval

Coinbase Global (COIN) witnessed a substantial stock price surge following the grant of a pivotal license in Singapore. Coinbase secured the coveted ‘Major Payment Institution’ license from the Monetary Authority of Singapore, enabling the provision of digital token payment services to both retail and institutional investors.

Singaporean authorities acknowledged Coinbase’s strong commitment to anti-money laundering measures during their evaluation process. This endorsement solidified Coinbase’s position in Asia’s burgeoning crypto market hub, amid regional prohibitions on crypto trading and payments.

Coinbase expressed its profound connection with the Lion City, emphasizing alignment between its “global mission and objectives” and Singapore’s progressive economic strategies and regulatory approach.

The Monetary Authority of Singapore (MAS) emerged as a crucial regulatory ally for Coinbase. Obtaining the MAS license signifies not just approval but a collaborative endeavor, as stated by Coinbase. In pre-market trading, Coinbase shares indicated a robust 5.02% surge, foreshadowing an opening price of $75.08 per share, reflecting a remarkable 18% growth in the stock price over the past six months.

Coinbase Receives Bermuda Futures Trading Approval

This achievement follows Coinbase’s recent victory in its regulatory tussle with the SEC, as it received approval from the  to offer Bitcoin futures to individual investors. According to the firm’s statement, in the coming weeks, with the help of the Bermuda Monetary Authority (BMA), the exchange will provide qualified users of Coinbase Advanced with access to perpetual futures contracts. In May of this year, the business unveiled its international exchange and published BTC and ETH perpetual futures contracts as part of its plans to grow internationally.

Coinbase International, which would not begin serving institutional customers until May 2023, provided services related to cryptocurrency derivatives. Following the most recent round of regulatory clearance, Coinbase Advanced users will soon be able to trade regulated perpetual futures contracts. According to the marketplace, Coinbase Bermuda is in charge of the perpetual futures accounts and is governed by the BMA.