The Monetary Authority of Singapore (MAS) has granted the Nasdaq-listed cryptocurrency exchange Coinbase “In-Principle Approval (IPA)” as a major payments institution license holder.
Coinbase emphasized that “today’s announcement underscores our commitment to Singapore as a regional hub.” Singapore acts as the center of Coinbase’s institutional APAC business. This in-principle approval from MAS is a crucial milestone for us as we prepare to introduce our whole line of products for the retail, institutional, and ecosystem markets. We are delighted to continue investing in and developing the crypto economy in Singapore, which serves as our global talent hub and plays a crucial regulatory and commercial role in APAC and beyond.
Coinbase said that for some time, it had been subtly expanding its footprint in Singapore. In the previous three years, Coinbase Ventures has invested in over 15 Web3 firms with headquarters in Singapore, which the company designated as an innovation hub last year.
Additionally, Coinbase is actively growing in Europe. Through specialized hubs in Ireland, the United Kingdom, and Germany, the cryptocurrency exchange currently services clients from roughly 40 different European nations. The corporation is pursuing further registrations or license applications in numerous important areas.
The cryptocurrency exchange got authorization last month to provide the entire range of institutional and retail crypto products and services in the Netherlands. According to Coinbase, “We have made efforts to work together with the government, legislators, and regulators to create the future in a responsible way.”
