Singapore Grants a Key Regulatory License to Coinbase

Being circumnavigated by the US SEC, cryptocurrency exchange Coinbase gets a full regulatory license in Singapore. This license would enable Coinbase to offer a diversified range of crypto assets and related crypto services in Singapore.

According to the media, today the Monetary Authority of Singapore (MAS) declared giving a full-fledged institution license to Coinbase. Last year, Coinbase got principal approval and today has received a key regulatory license to deal with payment solutions. Singapore has been carving ways to regulate the digital assets in the region and hence availing the opportunities as well.

Coinbase’s Vision

In an interview, Hassan Ahmed disclosed this exclusive news in a hard talk while talking about the US SEC’s restrictions and allegations over Coinbase in the United States. Hassan Ahmed, the country director of the exchange in Singapore shared his vision for Coinbase.

He was of the view that the recent license authorized by MAS proves the commitment of Coinbase to the market. Moreover, this license would mark the end of the licensing journey of the exchange. It shows how hollow the claims of the US SEC are imposed on Coinbase regarding an unregistered exchange and broker.

Singapore’s Stance Regarding Crypto Industry

The license given to Coinbase enables the exchange to handle the payment solutions. Moreover, it enables the exchange to offer a wide range of digital assets to both institutional and retail customers in the region. Having Standard Chartered as a local banking partner, Coinbase is expected to develop strong ties with the local institutions.

Also Read: Zodia, the Crypto Custody Platform Launched in Singapore

Singapore is considered to be the business hub for the cryptoindustry and is hence known to be a crypto-friendly country. But on the other hand, Singapore has been tested in the past through different crypto outfits i.e., Vauld, Hodlnaut and 3AC.

The Monetary Authority of Singapore is still willing to carve the paves for the crypto industry and give licenses to different crypto firms to operate in the region. Along with Coinbase, Blockchain.com and Crypto.com also got MPI licenses.