Coinbase, the largest cryptocurrency exchange in the United States, has had a nod from Singapore’s MAS to offer digital asset payment services.
“Excited to announce we have received an in-principle approval as a major payment institution in the lion City! This is an important step in our mission of being the most trusted crypto platform in the Asia Pacific.”
On a blog, Coinbase says that the chance comes under the Payment Services Act by the Monetary Authority of Singapore (MAS). Singapore is a prominent official market for the group in Asia, with an entire talent pool and MAS regulatory control.
Coinbase’s Large Platform
Coinbase, as a crypto exchange platform, allows the buying and selling popular coins like Bitcoin, Ethereum, and Solana. Coinbase does not support every coin. However, it has more than 120 diverse cryptocurrencies on the platform.
Many people in the world highly use the platform. It also incorporates people of all skill levels who need a solid stage for buying, storing, and selling crypto. Additionally, the exchange has a user-friendly design and helpful content that educates.
Therefore, it is a helpful move for Asian customers, who take Singapore as a significant hub in such chances. In 2020 alone, opening the doors to crypto firms saw close to 200 bids to MAS.
Thus, Coinbase joins Crypto.com and DBS Vickers as significant firms with a DPT license from the MAS. Including Coinbase, MAS has given out 17 in-principle approvals and permits from DPT under the Payment Services Act.
In Late 2021, Binance withdrew from Singapore after removing its application for a DPT license. Consequently, it shut down its local Singapore trading portal.
The Move to Operate in Singapore
In a report, Coinbase terms the step a significant landmark, as it has been building its presence in Singapore. At the time of the statement, the company had nearly 100 employees in the Southern Asian state. Product engineers make up the most considerable bulk of these hires.
As a result, they aim to extend their hires and the training of experts after fully settling. Singapore is not only a strategic market and a global hub for Web3 innovation. It is also a region with many marquee asset allocators and managers.
“Singapore has a long history of embracing innovation…,” the report read.
The license will enable Coinbase to offer regulated Digital Payment Token products and services in the Island state.
Coinbase now has licenses and listings in several nations, including Japan, Australia, Germany, Italy, Ireland, the UK, and the US.
In this year’s second quarter, Coinbase had $6 billion in total income and an extra $428 million in crypto assets.
In addition, the firm services more than 100 million retail investors and over 14,000 institutions. Additionally, it has 245,000 network partners in more than 100 countries.
Singapore’s familiar tactic has seen the financial hub attract digital asset service-related firms in the past years. Such a step has made it a significant center in Asia.
However, some fallouts have occurred in the city-state, like the one with the Three Arrows Capital. The firm began selling out in June after it could not meet hundreds of millions of dollars in obligations. Coinbase’s presence in Southern Asia brings many chances in the future filled with crypto-related steps.