Coinbase Receives Regulatory Approval To Provide Crypto Services in Singapore
Coinbase has secured a digital-assets permit in Singapore, allowing it to start providing crypto services in the city-state.
According to Bloomberg, the Monetary Authority of Singapore (MAS) granted Coinbase in-principle approval under the Payment Services Act, which was passed to regulate digital payment systems and service providers in the country. The American crypto exchange platform is among the 15 companies that have received a permit out of about 200 companies that have applied as of August this year.
Singapore has been emerging as a major crypto hub in Asia, but MAS has been cautious in granting permits as it has to mitigate a number of consumer risks. The cross-border nature of transactions also makes crypto prone to abuse for money laundering or terrorism financing. The crypto industry as a whole has also been under scrutiny due to the high-profile collapse of companies like Three Arrows Capital.
Hassan Ahmed, Coinbase’s local chief, said Singapore will serve as a “beachhead” for the company’s expansion across the Asia-Pacific region. The target is to hit other attractive markets next, such as Vietnam and Indonesia.
“We see Singapore as a strategic market for institutional clients as well,” said Ahmed in an interview.
He also said Japan and Australia are key markets in the region that the company wants to continue to focus on. Coinbase this month announced it would revamp its operations in Australia as part of a wider initiative to boost growth.
Ahmed notes that Coinbase has about 100 employees in Singapore so far. That number could soon grow, with the company supposedly “starting to get a little bit of appetite back” after being selective of new hires over the last few months.
Coinbase CEO Brian Armstrong is reportedly prioritising international growth after the company posted a record US$1.1 billion second-quarter loss and missed estimates during the period.
Coinbase has secured a digital-assets permit in Singapore, allowing it to start providing crypto services in the city-state.
The American crypto exchange platform is among the 15 companies that have received a permit out of about 200 companies that have applied as of August this year.
Hassan Ahmed, Coinbase’s local chief, said Singapore would serve as a “beachhead” for the company’s expansion across Asia-Pacific, including markets like Vietnam and Indonesia.
Ahmed notes that Coinbase has about 100 employees in Singapore so far.