Coinbase Global Inc. has secured a digital-assets license in Singapore, where regulators are tightening their grip following the high-profile collapses of crypto firms such as 3AC.
that it has secured a digital payment token services license from Singapore's central bank.
Coinbase may now offer payment services to Singapore residents.
This is in accordance with the Payment Services Act of Singapore, which permits individual users and institutions to utilize digital payment token services. Furthermore, the country's central bank regulates crypto companies.
Singapore approved Coinbase's license
The cryptocurrency exchange already has a strong foothold in the Southeast Asian country. According to reports, Coinbase currently has around 100 employees, the majority of whom are product developers. Hassan Ahmed, Coinbase's regional director for Southeast Asia, stated that Singapore is crucial to Coinbase's expansion strategy.
“This is a great achievement. We see Singapore as a vital market and a worldwide center for Web3 innovation.”
Coinbase is one of the earliest companies to receive a cryptocurrency license in Singapore. Earlier, Crypto.com and DBS Vickers were among others that secured regulatory approval. Overall, Singapore has been friendly to global companies wishing to establish a presence and operate in the jurisdiction. Already, several companies from South Asian nations like India have already relocated to Singapore.
Widened User Base
The Singapore approval is a huge step forward in Coinbase's expansion plans for this year. Earlier in July, the crypto exchange received a regulatory license in Italy, a key European market. The Italian government granted the company a crypto asset service provider license.
Coinbase already has users in 40 European nations, including Ireland, the United Kingdom, and Germany. The plans are in the works in many more nations, with multiple awaiting approvals in several countries.
The company's rival exchange Binance is a major competitor. While Coinbase has recently experienced turbulence as a result of a number of crypto collapses, Binance has managed to increase its user base rather effectively.
Read also: Binance Burns Almost 3 Billion Terra Classic
