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Coinbase Breaks New Ground: Secures Full Regulatory Approval in Singapore

Jack Evans
Oct 2, 2023 at 10:36 pm

Coinbase's Triumph in Singapore: A Defining Moment

For Coinbase, the journey to full regulatory approval in Singapore has been nothing short of remarkable. It all began in March 2020 when the platform secured a temporary licensing exemption from the Singaporean central bank. Two years later, in October 2022, Coinbase received an "In Principle" license, paving the way for its official entry into the city-state's burgeoning crypto market.

Singapore, often hailed as a haven for cryptocurrency enthusiasts, boasts an astonishing 25% of its population embracing digital currencies as the future of finance. Even more impressive, 32% of Singaporeans have already ventured into the world of cryptocurrencies. According to the latest Chainalysis Global Crypto Adoption Index, Singapore ranks seventh globally in terms of cryptocurrency adoption, further solidifying its status as a crypto-forward nation.

Coinbase's International Expansion Strategy Unveiled

Coinbase's strategic approach to international expansion is becoming increasingly clear. The company is strategically targeting countries with well-defined and supportive cryptocurrency regulations. The approval in Singapore comes on the heels of Coinbase's announcement in September, where they outlined six key markets for their near-term operations: the European Union, Singapore, Canada, the U.K., Australia, and Brazil.

This achievement is not an isolated one for Coinbase, as the company recently made strides in Europe by obtaining a license from the Bank of Spain. This license allows Coinbase to operate as an official exchange for Bitcoin (BTC) and other crypto assets in the country, further cementing their global presence.

Coinbase's full regulatory approval in Singapore is a testament to the growing recognition and acceptance of cryptocurrencies on a global scale. As the company strategically expands into well-regulated markets, it is poised to play a pivotal role in shaping the future of finance. With Singapore now firmly in its grasp, Coinbase continues its journey towards making cryptocurrencies accessible to individuals and institutions worldwide, one regulated step at a time.

Read more: The Shocking Revelation: FTX's Bankman-Fried's $5 Billion Bid to Prevent Trump's Re-Election

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