Coinbase International Exchange has successfully obtained a payment institution license from the Monetary Authority of Singapore, marking a significant milestone for the crypto exchange. This license authorizes Coinbase to expand its digital payment token services, catering to both individuals and institutions in Singapore. The company had previously received in-principal approval as a payments institution license holder from Singapore the year prior.
Coinbase has been steadily increasing its presence in Singapore, notably establishing a tech hub and recruiting product managers and engineers focusing on Web3. Additionally, its venture capital arm has invested in more than 15 Web3 startups in the country over the past three years. Singapore serves as the central hub for Coinbase’s Asia-Pacific institutional operations.
The company emphasizes the importance of thoughtful and practical regulation as a driving force for growth, believing it will contribute to realizing the full potential of the financial and technological revolution currently underway.
Coinbase’s international expansion strategy has targeted countries with well-defined regulations in the crypto industry. In recent developments, the Coinbase International Exchange secured regulatory approval from Bermuda’s financial regulator and registered with Spain’s central bank just last week.
Singapore has been actively enhancing its regulatory oversight of the crypto sector and has issued licenses to prominent firms in 2023. Market maker GSR, for instance, announced on Monday that it had received in-principle approval for the same license as Coinbase from Singapore’s regulator.
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