BREAKING: Coinbase Obtains Singapore Cryptocurrency License

High-quality cryptocurrency exchange On Tuesday, Coinbase revealed that the Singapore Central Bank has awarded them a license to operate digital payment token services. With the clearance, Coinbase can now provide payment services to Singaporeans. This is consistent with the Payment Services Act of Singapore, which permits both individual users and institutions to use services related to digital payment tokens. Additionally, the nation’s central bank oversees the cryptocurrency companies.

 

Singapore has accepted Coinbase’s license.

The Southeast Asian nation already has a large presence for the bitcoin exchange. Approximately 100 individuals work at Coinbase at the present, the majority of them are product engineers, according to a Reuters article. Singapore is crucial to Coinbase’s expansion strategy, according to Hassan Ahmed, regional director for Southeast Asia.

“This is a significant milestone. We see Singapore as a strategic market and a global hub for Web3 innovation.”

One of the first businesses in Singapore to receive a crypto license was Coinbase. Prior to this, authorities had accepted the regulation of Crypto.com and DBS Vickers. In general, Singapore has been open to international businesses setting up shop and conducting business there. Many South Asian businesses, including those from India, have already relocated to Singapore.

 

Increased User Base

In terms of Coinbase’s expansion plans for this year, the Singapore approval signals yet another major milestone. The bitcoin exchange gained regulatory permission earlier in July in Italy, a crucial European market. The company was granted a license as a provider of crypto asset services by the Italian government. Customers of Coinbase are already served in 40 different European nations, including Germany, Ireland, and the U.K. The plans are being created in many other nations, and various approvals are still waiting in different nations.

 

The company is up against heavy competition from Binance, a competing exchange. Due to a string of cryptocurrency crashes, Coinbase has recently suffered turbulence, although Binance has generally succeeded in boosting its user base.

 

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