Coinbase Awarded a License to Deal in Digital Assets in Singapore

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Last Updated on October 11, 2022 by Bitfinsider

According to a statement, the Monetary Authority of Singapore (MAS) has provided Coinbase with an approval in principle to provide digital payment token services under the Payment Services Act. This approval allows Coinbase to provide digital payment token services.

The city-state, which Coinbase designated as its tech hub the previous year, will now also serve as a hub for the company’s institutional business in Asia and the Pacific. After receiving the approval, Coinbase stated that it intends to launch a complete suite of retail, institutional, and ecosystem products.

Coinbase has made a number of investments in Singapore, including hiring and training product managers and engineers on Web3 technologies. Other investments include purchasing office space. The company has also established a local team in Singapore to drive investment activity in the region and has made venture capital investments in more than 15 Web3 startups based in Singapore over the course of the past three years.

The statement went on to say, “Over the past few months, we have been steadily and discretely expanding our presence in the Lion City.” “Singapore serves as our global talent hub and plays a critical regulatory and commercial role in APAC and beyond; we are excited to continue investing and building for the cryptocurrency economy here.”

Despite the volatility of the cryptocurrency market, Singapore is continuing to issue in-principle approvals for crypto players. Approximately 15 companies have already received such permits, and the licensing regime was launched in 2019.

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