The Monetary Authority of Singapore has granted the cryptocurrency exchange Coinbase a license as a payment institution.
This licence will allow the exchange to increase its “provision of digital payment token services to both individuals and institutions in Singapore,” the business stated in a blog post on Monday. As a holder of a payments institution licence, Coinbase got in-principle approval from Singapore last year.
The business claimed that it has been subtly boosting its presence in Singapore. It started a tech hub for Coinbase in the nation last year, and since then, Web3 product managers and engineers have been employed and educated. Over the previous three years, its venture capital arm has also made investments in more than 15 Web3 firms around the nation. The Asia-Pacific institutional business of Coinbase is centred in Singapore.
According to the company’s blog, “At Coinbase, we see thoughtful and practical regulation as a key ingredient for growth that will ultimately help fulfil the potential of this financial and technological revolution.”
Targeting nations with definite regulations for the cryptocurrency business, the company has been growing abroad. The Coinbase International Exchange received regulatory permission from Bermuda’s financial watchdog, while Coinbase registered with Spain’s central bank last week.