– Coinbase, the crypto exchange operator, has been granted a Major Payment Institution license in Singapore by the Monetary Authority of Singapore.
– This license signifies Coinbase’s commitment to the market and marks the end of its licensing journey.
– Coinbase has collaborated closely with MAS and provided policy input.
– The license allows Coinbase’s Singapore entity to offer a wider range of Digital Payment Token services to retail and institutional customers.
– Standard Chartered is Coinbase’s local banking partner in Singapore.
– Coinbase has tailored its products to meet local demands, including simple account funding options and fee-free purchases of USDC stablecoin.
– Singapore is considered relatively crypto-friendly and has granted licenses to other crypto operators, including wallet firms Crypto.com and Blockchain.com.
– MAS appears willing to approve license applicants in spite of recent crises at crypto outfits with Singapore links.
– Singapore is seen as ahead of other crypto hubs in terms of regulations.
Coinbase, the crypto exchange operator, has been granted a Major Payment Institution license by the Monetary Authority of Singapore. This comes in contrast to Coinbase’s ongoing regulatory issues in the United States, where it is being sued by the SEC for allegedly operating as an unregistered broker and exchange. Coinbase’s Singapore license allows it to offer a wider range of services to both retail and institutional customers in the region. Singapore is considered relatively crypto-friendly, and the country has been issuing licenses to several crypto operators in recent months. Coinbase believes that Singapore’s clear regulatory framework is important for their international strategy.
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