Coinbase Receives Regulatory License in Singapore
Coinbase, the popular cryptocurrency exchange operator, has been granted a Major Payment Institution license by the Monetary Authority of Singapore. This comes after receiving in-principal approval last year. The license allows Coinbase’s Singapore entity to offer a wider range of Digital Payment Token services to retail and institutional customers in the region. It also solidifies the company’s relationship with local institutions, including its banking partner Standard Chartered.
Singapore’s Crypto-Friendly Stance
Singapore is known for its relatively crypto-friendly environment. However, recent crises involving crypto-related companies with Singapore links have tested the country’s stance. Despite this, the Monetary Authority of Singapore continues to approve licenses for crypto operators. Coinbase joins a growing list of about a dozen other operators that have obtained full licenses in the region, including Crypto.com and Blockchain.com.
Contrasting Regulations: Singapore vs. U.S.
The regulatory license in Singapore comes at a time when Coinbase is embroiled in a dispute with regulators in its home market, the United States. The U.S. Securities and Exchange Commission has sued Coinbase for allegedly operating as an unregistered broker and exchange, violating federal securities laws. Coinbase sees the license in Singapore as a testament to their commitment to the market and highlights the importance of regulatory clarity and clear rules for the industry.
Collaboration with MAS
Coinbase has worked closely with the Monetary Authority of Singapore (MAS) throughout the licensing process, providing input on policies. MAS has been supportive of license applicants and is focused on uplifting regulations based on its experiences with both good and bad actors in the crypto industry.
Hot Take: Singapore Leading the Way in Crypto Regulation
Singapore is positioning itself as a leader in crypto regulation, with its proactive approach to granting licenses to crypto operators. The country’s commitment to regulatory clarity and collaboration with industry players like Coinbase showcases its forward-thinking mindset. This move is likely to attract more crypto businesses and investors to Singapore, solidifying its reputation as a crypto hub.
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