Coinbase Receives Regulatory Approval in Singapore
Coinbase, a leading cryptocurrency company, has obtained full regulatory approval in Singapore. The Singaporean arm of the U.S. exchange announced that it has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), making it an authorized player in the country.
In March 2020, Coinbase obtained a temporary licensing exemption from the Singaporean central bank. In October 2022, the company received an “In Principle” license to operate in Singapore.
Singapore, known as a crypto haven, has a significant number of its population embracing digital currencies. Approximately 25% of Singaporeans consider crypto as the future of finance, with 32% already involved in cryptocurrencies. According to the Chainalysis Global Crypto Adoption Index, Singapore ranked seventh in terms of receiving crypto in the previous year.
International Expansion Strategy
Coinbase’s international expansion strategy focuses on countries with well-defined cryptocurrency regulations. In addition to Singapore, the company identified six crucial markets for near-term operations: the European Union, Canada, the United Kingdom, Australia, Brazil, and Spain.
Last month, Coinbase obtained a license from the Bank of Spain to operate as an official exchange for Bitcoin (BTC) and other cryptocurrencies in the country.
Hot Take: Coinbase Expands Its Global Presence
Coinbase’s achievement of obtaining full regulatory approval in Singapore marks another milestone in its global expansion efforts. By targeting countries with clear cryptocurrency regulations like Singapore and Spain, Coinbase is positioning itself as a trusted and authorized player in various regions. With a significant percentage of Singaporeans already involved in crypto and the country’s reputation as a crypto-friendly nation, this latest development strengthens Coinbase’s presence in Southeast Asia. As Coinbase continues to expand into key markets around the world, it solidifies its position as a leading cryptocurrency exchange and further promotes the adoption of digital currencies on a global scale.
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