Coinbase Receives License from Singapore’s Central Bank
Cryptocurrency exchange Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to provide services to individuals and institutions in the country. This comes after Coinbase received In Principle Approval from MAS last year. With a significant portion of Singaporeans showing interest in crypto, the country has become an important market for the industry. Coinbase views Singapore as a priority market due to its progressive economic strategies and regulatory approach that align with the company’s global mission. Coinbase has been expanding internationally and has obtained virtual asset service provider registrations in several countries.
Singapore as a Crypto Hub
Singapore is considered a major hub for cryptocurrencies. The MAS has implemented new regulations for crypto service providers and introduced a regulatory framework for stablecoins. The country’s President, Tharman Shanmugaratnam, supports having a unified regulatory system for both crypto and traditional finance.
Hot Take: Coinbase Expands into Singapore’s Growing Crypto Market
Coinbase’s recent acquisition of an MPI license from Singapore’s central bank showcases its commitment to expanding its services in the country. With a significant number of Singaporeans interested in crypto and a thriving ecosystem of Web3 companies, Singapore is an ideal market for Coinbase’s growth. The regulatory environment in Singapore aligns well with Coinbase’s objectives, making it a priority market for the exchange. As Coinbase continues to expand globally, securing licenses in various countries strengthens its position as a leading cryptocurrency exchange.
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