Coinbase Gets In-principle Lincese Approval From Singapore Central Bank
In accordance with the latest reports, Coinbase Singapore has been granted in-principle approval from The Monetary Authority of Singapore [MAS] to operate as a digital asset provider in Singapore.
“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,” tweeted Coinbase.
A note should be made that this was acquired by the exchange under the Payment Services Act.
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
Singapore As a Strategic Market
The Monetary Authority of Singapore [MAS] plans to enact laws restricting retail investors’ access to crypto.
However, the regulator seemed to tread carefully with this, despite it interfering with the industry’s ethos.
Although it has become increasingly difficult to acquire a license in the region, Coinbase has managed to do so
Hassan Ahmed, CEO of the exchange’s Singapore wing said, “We see Singapore as a strategic market for institutional clients as well. Australia and Japan are very key markets within the broader APAC sort of region that we’re going to continue to double down on.”
Approximately 100 people work for Coinbase Singapore at the moment. Although the firm has slowed down its hiring process, the latest approval may increase it.
Competing with Existing Crypto Platforms
First prominent cryptocurrency platform to receive Singaporean regulatory approval was Crypto.com.
As soon as MAS’s chief fintech officer, Sopnendu Mohanty, complained about the licensing process being “painfully slow”, the exchange received approval.
Following Crypto.com’s license, many assumed the platform would dominate Singapore’s crypto scene. However, Crypto.com’s overall grip in the region might be affected by Coinbase’s popularity and engagement now that it’s part of the picture.