Coinbase Secures Payment License for Operations in Singapore
Coinbase, a leading force in the world of cryptocurrency exchanges, has reached a major milestone with the acquisition of a payment institution license from the Monetary Authority of Singapore. This achievement marks a pivotal moment in the company's ambitious global expansion efforts.
This new license empowers Coinbase to diversify its range of services, offering digital payment token solutions to both individuals and institutions across Singapore. The company expressed its excitement for this accomplishment in a blog post on Monday, underscoring that it had secured preliminary approval as a payments institution license holder from Singapore the year prior.
Strategically, Coinbase has been fortifying its presence in Singapore, with the establishment of a dedicated tech hub in the region last year. Since then, the company has been actively recruiting and training a talented pool of product managers and engineers specializing in Web3 technology. Additionally, Coinbase's venture capital arm has invested in over 15 Web3 startups within the country over the past three years. Singapore serves as the central hub for Coinbase's Asia-Pacific institutional business.
In an official statement, Coinbase emphasized its belief in the significance of thoughtful and practical regulation, viewing it as a crucial element for sustained growth and the realization of the full potential of the ongoing financial and technological revolution.
This achievement is part of Coinbase's broader international expansion strategy, with a focus on countries that provide clear regulatory frameworks for the cryptocurrency industry. Recently, the Coinbase International Exchange obtained regulatory approval from Bermuda's financial regulator, and the company registered with Spain's central bank just last week.
Singapore has been actively intensifying its oversight of the cryptocurrency sector, granting licenses to several high-profile firms in 2023. On Monday, market maker GSR announced that it had received preliminary approval for the same license as Coinbase from the Singaporean regulator, further underlining the growing prominence of the region in the global crypto landscape.
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