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Coinbase Receives In-Principle Approval to Provide Crypto Services in Singapore

Coinbase Gets In-Principle Approval to Provide Crypto Services in Singapore

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has given Coinbase “in-principle approval” allowing the crypto exchange to “offer regulated digital payment token products and services in the island state.” Coinbase stressed: “Today’s announcement underlines our commitment to Singapore as a regional hub.”

Coinbase Committed to Making Singapore Its Regional Hub

The Nasdaq-listed crypto exchange Coinbase announced Monday that it has received “In-Principle Approval (IPA) as a major payments institution license holder from the Monetary Authority of Singapore (MAS).” The announcement details:

This license will allow us to offer regulated digital payment token products and services in the island state.

“Today’s announcement underlines our commitment to Singapore as a regional hub,” Coinbase stressed. “Singapore serves as the hub for Coinbase’s APAC institutional business … Gaining this in-principle approval from MAS is an important step, as we plan to launch our full suite of retail, institutional and ecosystem products. Singapore plays a critical regulatory and commercial role in APAC and beyond, and serves as our global talent hub; we are excited to continue investing and building for the crypto economy here.”

Coinbase explained that it has been quietly increasing its presence in Singapore for some time now. The company announced Singapore as a tech hub last year and Coinbase Ventures has invested in over 15 Singapore-based Web3 startups in the past three years.

Coinbase is also actively expanding in Europe. The crypto exchange currently serves customers across almost 40 European countries through dedicated hubs in Ireland, the U.K., and Germany. The company is also pursuing additional registrations or license applications in several major markets.

Last month, the crypto exchange received approval to offer its full suite of retail and institutional crypto products and services in the Netherlands. “We have taken strides to work collaboratively with government, policymakers, and regulators to shape the future in a responsible way,” Coinbase said.

What do you think about Coinbase making Singapore its regional hub? Let us know in the comments section below.

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