- 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.
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