Coinbase Receives Full License in Singapore, Expanding Opportunities
Crypto exchange platform Coinbase has obtained a major payment institution license from the Monetary Authority of Singapore. This regulatory milestone allows Coinbase to expand its digital payment token services in the region. The license solidifies the company’s commitment to the Singapore market and marks the conclusion of a long licensing process. Coinbase has faced regulatory challenges in its core market, the United States, where it is currently involved in a lawsuit with the SEC. Working closely with Singapore’s Monetary Authority and providing input on regulatory policy has been crucial to Coinbase’s success in the region.
Expanding Reach Through Regulatory License
In partnership with Standard Chartered as its local banking partner, Coinbase Singapore has obtained a regulatory license that enables a more comprehensive offering of digital payment token services to retail and institutional customers in the region. Coinbase has demonstrated its commitment to the local market by adapting its products to meet specific needs, such as integrating account funding options like PayNow and FAST bank transfers, as well as offering free USDC transactions. This license further strengthens Coinbase’s relationship with local institutions and highlights Singapore’s attractiveness as a cryptocurrency hub.
License to Trade Futures
Coinbase International Exchange has received a license to facilitate futures trading on its platform. This move allows Coinbase to offer properly regulated perpetual futures contracts to clients. With 75% of its cryptocurrency trading volume coming from derivatives, this approval will attract traditional traders and extend Coinbase’s reach into the crypto derivatives sector. The introduction of futures contracts aims to democratize access to advanced financial instruments while operating within the regulatory framework. However, it’s important to note that Coinbase is currently unable to serve US clients due to regulatory restrictions.
Hot Take: Coinbase Expands Its Global Presence With Singapore License
Coinbase’s recent regulatory license in Singapore marks an important step for the crypto exchange as it expands its services and solidifies its international presence. The license not only allows Coinbase to offer digital payment token services to retail and institutional customers in the region but also strengthens its relationship with local institutions. While Coinbase faces regulatory challenges in the US, the company has found success in Singapore by working closely with the Monetary Authority and providing input on regulatory policy. This milestone showcases Singapore’s position as a cryptocurrency hub and demonstrates Coinbase’s commitment to navigating global markets despite ongoing legal disputes.
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