Singapore has granted Coinbase regulatory approval to run crypto-related services in the island nation. This is a big win for Coinbase as it continues to expand internationally despite continued pressure on the crypto market.
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US Cryptocurrency Exchange Coinbase The company said on Tuesday it had received a key regulatory license in Singapore as it ramps up overseas expansion.
The Monetary Authority of Singapore (MAS), the country’s central bank, has granted Coinbase approval in principle to offer regulated digital token products and services in the island nation.
Coinbase’s regulatory approval comes as the crypto market remains under pressure. Around $2 trillion has been wiped off the market value with large tokens like bitcoin and ether in red this year.
Infection from collapse of major projects and bankruptcy among companies has spread throughout the industry. Coinbase announced in June it laid off 18% of its workforce.
However, the US exchange has pushed for international expansion and looking to hire people across new markets in Europe.
Coinbase has been investing steadily in Singapore. Last year, the company announced that Singapore would be one of its technology development hubs. The island nation is also a hub for Coinbase’s business, with a focus on institutional investors in the Asia-Pacific region.
“Gaining this approval in principle from MAS is an important step, as we plan to roll out our full suite of retail, institutional, and ecosystem products,” Coinbase said in a post. on Tuesday’s blog.
The MAS has issued such approvals to 15 different companies as Singapore seeks to build its reputation as a regulated global hub for the crypto industry.
While central banks have warning about “speculative” risks of cryptocurrencies and have seeks to tighten rules around trading for retail investorsthey are still trying to attract businesses to set up shop in Singapore.
