Global crypto exchange Coinbase has been granted In-Principle Approval (IPA) as a Major Payments Institution licence holder from the Monetary Authority of Singapore (MAS).
With the newly obtained license, Coinbase will now be able to offer regulated Digital Payment Token products and services in the island state.
The company stated:
Singapore has a long history of embracing innovation, and positioning itself at the forefront of the financial and technological revolution. We look forward to ongoing collaboration with the government on a pragmatic regulatory framework for digital assets, to empowering local and regional builders as they scale use cases, and to continue supporting efforts to consolidate the island state’s position as a global Web3 hub.
Coinbase has been working to increase its presence in the Lion City. Last year, the crypto company announced Singapore as a tech hub for Coinbase. Since then, the exchange has hired and trained product managers and engineers on Web3 technologies.
The announcement further detailed that the team leading the firm’s venture business, Coinbase Ventures, has invested in over fifteen Singapore-based Web3 startups in the past three years. Additionally, they also established a team in the island city to drive investment activity in the Asia-Pacific region.
Coinbase added:
At Coinbase, we see thoughtful and practical regulation as a key ingredient for growth that will ultimately help fulfil the potential of this financial and technological revolution. Gaining this in-principle approval from MAS is an important step, as we plan to launch our full suite of retail, institutional and ecosystem products. Singapore plays a critical regulatory and commercial role in APAC and beyond, and serves as our global talent hub; we are excited to continue investing and building for the crypto economy here.
Last month, Coinbase revealed it has gained approval from the Netherlands as part of its expansion strategy in the European region. According to the official announcement, the exchange is the first major crypto trading services provider to register with the Dutch Central Bank.
