- Coinbase has received in-principal approval in Singapore.
- It is the 17th crypto company to receive this kind of approval.
- Coinbase sees Singapore as a vital market and a worldwide hub for Web3 innovation.
The largest cryptocurrency exchange in the United States has received what is known as “in-principle approval,” which the central bank introduced for cryptocurrency businesses last year.
With the clearance, cryptocurrency exchanges like Coinbase will be able to provide services to both people and organizations. However, they will be governed by the central bank’s Payment Services Act.
After a thorough due diligence procedure that is still ongoing, Coinbase is one of only 17 cryptocurrency companies to have received in-principle permissions and licenses from the Monetary Authority of Singapore (MAS). In 2020, under a new framework, there were roughly 180 crypto firms that applied to the MAS for a crypto payments license.
This has been a “major milestone,” according to Coinbase. It further stated that the business presently employs close to 100 people and has been actively expanding its footprint in the Southeast Asian nation. Product engineers make up the majority of Singaporean hires, according to Coinbase.
Hassan Ahmed, Coinbase’s regional director for Southeast Asia, stated:
We see Singapore as a vital market and a worldwide hub for Web3 innovation.
In other recent developments, Coinbase announced launching three services to their Australian customers in order to facilitate and secure access to the cryptocurrency market.
The digital currency exchange said that it will be bringing a PayID function to its Australian consumers. The exchange originally joined the Australian market in 2016.
“First, we are launching PayID as a mechanism for Australians to fill up their Coinbase accounts via direct Australian Dollar transactions”, said Coinbase in the announcement, which was published as a blog post.
Recommended News :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
