Major cryptocurrency exchange Coinbase has been granted a license to fully operate in Singapore, the company announced today.
The license allows Coinbase to directly provide a variety of crypto-related services to retail and institutional customers in Singapore. This includes services such as trading, custody, and token issuance.
“Singapore has emerged as a crypto hub in Asia and receiving our license here represents a major milestone for Coinbase in the region.” said Admir, CaptainAltcoin’s CEO.
To obtain the license, Coinbase had to meet extensive requirementsrelating to anti-money laundering controls, capital requirements, cybersecurity, and more. The regulatory approval demonstrates Coinbase’s commitment to being a trusted, compliant partner as it continues expanding globally.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>JUST IN: 🇸🇬 Coinbase receives full operating License in Singapore.</p>— Watcher.Guru (@WatcherGuru) <a href=”https://twitter.com/WatcherGuru/status/1708812084727697519?ref_src=twsrc%5Etfw”>October 2, 2023</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
Coinbase first established a presence in Singapore in 2021, joining the MAS Fintech Regulatory Sandbox. The sandbox allowed Coinbase to pilot limited services while engaging with the regulator. The company is now graduating from the sandbox thanks to obtaining the full license.
Singapore has adopted progressive crypto regulations to support innovation while protecting consumers. Major firms such as Binance, and Crypto.com have also set up operations in the country due to its friendly regulatory environment.
The new license will allow Coinbase to serve the growing institutional and retail crypto market in Singapore. The country has quickly emerged as a global crypto hub thanks to smart policies aimed at balancing risks and benefits of digital assets.
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