Coinbase Bags Approval License In Singapore
The United States based cryptocurrency exchange, Coinbase, has been granted DPT license by the Singapore’s central bank, the Monetary Authority of Singapore (MAS) to commence operation as per a Twitter post.
Hello Singapore 🇸🇬
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 Asia Pacific.https://t.co/pc2pkTl7yG
— Coinbase (@coinbase) October 11, 2022
The latest license will enable Coinbase to provide crypto services in Singapore. It should be noted that MAS has issued 17 in-principle approval for DPT platforms in accordance with the Payment Services Act.
Reacting to the development, CEO of Coinbase Singapore Hassan Ahmed said that Singapore is a crucial institutional market for the exchange, adding that it will work with existing local industry in order to strengthen regulations around digital assets.
As at present, Coinbase boasts of 100 employees in Singapore.
While Ahmed noted that Coinbase has already been providing services in the country, he emphasizes that the new regulatory approval will empower the exchange in consolidating its fiat capabilities given the opportunity to provide Digital Payment Token services.
The exchange reveals that it will partner with local Web3 community groups such as Association of Crypto Currency Enterprises and Start-ups Singapore (ACCESS), among others, in order to improve on Singapore’s crypto space.
In recent times, Coinbase has recorded significant expansion through the Asia-Pacific region. It was granted a license to operate in Japan in August 2021 and subsequently established retail-focused services in Australia.
More Expansion for Crypto Exchanges
The expansion into new countries is not limited to Coinbase. One of the rival cryptocurrency exchanges, Binance, recently established offices in Brazil after winning approval.
#Binance opens two offices in Brazil in a move to expand in the country and to grow crypto adoption in Latin America.
The offices were announced by @cz_binance, who visited the country in March this year. Since then, we have more than doubled the team dedicated to Brazil.
— Binance (@binance) October 3, 2022
In the same vein, Binance was granted operational by the Kazakhstan authorities to commence operation of a digital asset platform in the country.
In September, 2022, the cryptocurrency exchange was also registered as a financial service provider with the New Zealand Ministry of Business, Innovation and Employment.
Kia Ora, New Zealand! 🇳🇿
We’re pleased to announce that #Binance has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment, and has officially launched Binance New Zealand. pic.twitter.com/xCyBmRVb2x
— Binance (@binance) September 29, 2022
Meanwhile, Binance pulled out of Singapore in late 2021 consequent upon its withdrawal of application for a DPT license. The exchange subsequently closed up its local outlet.
It was gathered that the exchange took the decision in a bid to focus its operation on technology, research and development services.