Coinbase Greenlit To Operate In Singapore: Report
- The Monetary Authority of Singapore (MAS) has recently granted US-based crypto exchange Coinbase in-principle approval for a DPT license.
- The license will enable the exchange to officially operate in the island state which has become quite strict following the bankruptcy of hedge fund Three Arrows Capital (3AC).
- CEO Brian Armstrong will take an active part at Singapore Fintech Festival on November 4 along with a fireside chat with MAS’s Chief Fintech Officer Sopnendu Mohanty.
Singapore’s central bank and financial regulatory authority, the Monetary Authority of Singapore (MAS) has recently granted US-based crypto exchange Coinbase in-principle approval for a DPT license.
According to the recently shared press release, the new DPT license will enable the exchange to officially operate in the island state. By becoming the “Major Payments Institution license holder,” Coinbase will be allowed to offer regulated Digital Payment Token products and services in the region.
Moreover, the exchange also revealed that its founder and CEO Brian Armstrong will take an active part at Singapore Fintech Festival on November 4 along with a fireside chat with MAS’s Chief Fintech Officer Sopnendu Mohanty.
Singapore, which has a long history of embracing innovation,has positioned itself at the forefront of the technological and financial revolution. The announcement highlighted the country’s positive attitude toward crypto innovations with a solid regulatory framework by stating:
“We look forward to ongoing collaboration with the government on a pragmatic regulatory framework for digital assets, to empowering local and regional builders as they scale use cases, and to continue supporting efforts to consolidate the island state’s position as a global Web3 hub.”
It is important to note that Coinbase, which announced Lion City as its tech hub in 2021, has been secretly strengthening its presence in Singapore. The exchange has over 100 employees in the region and is constantly hiring and training engineers and product managers on Web3 technologies.
In the announcement, Coinbase revealed that its venture arm Coinbase Ventures has invested in more than 15 Singapore-based web3 startups in the past three years. Moreover, it has also formed a team aimed at boosting investment activity in the Asia-Pacific region.
The exchange states:
“We look forward to continuing our work with local Web3 community groups such as ACCESS, Singapore Fintech Association and advisory.sg in favor of a thriving local ecosystem.”
Interestingly, MAS has given out 17 in-principle approvals and licenses for DPT platforms, including Coinbase under the Payment Services Act.
Moreover, crypto exchange giant Binance pulled out from the region late last year after withdrawing its application for a DPT license. Subsequently, it terminated its local .SG trading portal, closing down its services for Singaporeans.
Nonetheless, with the latest in-principle approval from the regulatory agency, Coinbase aims to “launch its full suite of retail, institutional and ecosystem products.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
