Coinbase has obtained a Main Fee Establishment license from the Financial Authority of Singapore that enables the corporate to supply digital cost token providers to its retail and industrial customers in Singapore.
The official license comes a yr after the Financial Authority of Singapore granted Coinbase preliminary approval final October.
Coinbase has lately invested closely in Singapore by launching new region-specific merchandise, boosting relationships with regional teams, and hiring and coaching at its Singapore tech hub.
Digital foreign money platform Coinbase introduced this week that Coinbase Singapore has obtained a Main Fee Establishment (MPI) license from the Financial Authority of Singapore (MAS).
With its MPI license in Singapore, Coinbase can now supply digital cost token providers to its retail and industrial customers within the nation. As we speak’s announcement comes a yr after the MAS granted Coinbase preliminary approval for the license final October.
As crypto tolerance and acceptance has developed throughout the globe in recent times, Singapore has confirmed an essential area for growth for Coinbase. As the corporate’s weblog states, “… we’ve recognized Singapore as a significant marketplace for Coinbase. The nation’s progressive financial methods and strategy to regulation sync nicely with our world mission and aims.”
Together with its new MPI license within the area, Coinbase has lately launched merchandise tailor-made particularly for Singapore, to incorporate the addition of recent funding choices for customers. Earlier this yr, the corporate launched the flexibility for retail clients to fund their accounts utilizing PayNow and FAST financial institution transfers. Coinbase additionally launched no-fee USDC purchases with the Singapore greenback (SGD).
Coinbase has made different investments in Singapore, as nicely. The corporate has elevated coaching and hiring at its Singapore tech hub and sparked relationships with trade associations together with ACCESS, the Singapore Fintech Affiliation, and the Blockchain Affiliation of Singapore. Moreover, Coinbase’s enterprise arm has made 15 investments within the area.
“The newly acquired license shouldn’t be solely a validation of Coinbase’s operations but additionally represents a promise and duty to the rising crypto and Web3 neighborhood in Singapore,” Coinbase mentioned in its weblog publish, including, “As we glance forward, we’re captivated with additional contributing to and rising alongside the crypto and Web3 neighborhood in Singapore.”
This constructive information comes after a spate of adverse press for Coinbase in current months. In June, the U.S. Securities and Alternate Fee (SEC) charged the U.S.-based firm for working as an unregistered securities change, dealer, and clearing company; and for failing to register the supply and sale of its crypto asset staking-as-a-service program. That accusation got here after firm CEO Brian Armstrong petitioned the SEC for clear guidelines and laws surrounding crypto.
Based in 2012, Coinbase at the moment sees $92 billion in quarterly quantity traded and has $128 billion in belongings on its platform. The corporate went public in 2021 and now trades on the NASDAQ below the ticker COIN with a present market capitalization of $18 billion.
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