US Crypto Giant Coinbase Gets Licence To Operate In Singapore
ndtv.comCrypto giant Coinbase gets Singapore licence
Coinbase, the largest crypto exchange in the United States, said it has received approval from Singapore's central bank to offer payment services in the city-state.
The in-principle approval, which the central bank started giving out to crypto firms last year, means individuals and institutions can use digital payment token services and the firms are regulated by the central bank under its Payment Services Act.
Calling it a "significant milestone", Coinbase said in a statement that it has been building up its presence in Singapore and currently had nearly 100 employees in the Southeast Asian state, with product engineers forming the largest bulk of hires.
"We see Singapore as a strategic market and a global hub for Web3 innovation," said Hassan Ahmed, Coinbase's regional director for Southeast Asia.
About 180 crypto companies applied for a crypto payments licence to the Monetary Authority of Singapore in 2020 under a new regime. Singapore has handed out 17 in-principle approvals and licences after an elaborate due diligence process that is still ongoing.
Besides Coinbase, Crypto.com and DBS Vickers - the brokerage run by Singapore's largest bank DBS - are among those that have received licences.
Singapore's welcoming approach has helped the financial hub attract digital asset services-related firms from China, India and elsewhere in the last few years, making it a major centre in Asia.
However, there have also been quite a few cases of crypto fall-outs taking place in the city state. Singapore-based crypto hedge fund Three Arrows Capital began liquidation in June after it was unable to meet hundreds of millions of dollars in obligations.
The hedge fund had taken a hit from the collapse
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