Gains In-Principle Permission For Coinbase’s Singapore Crypto License

The Monetary Authority of Singapore, Singapore’s central bank, has given “in-principle clearance” for the Coinbase Singapore branch to offer bitcoin services in Singapore (MAS).

Singapore is an important institutional market for the exchange in Asia, according to Hassan Ahmed, CEO of Coinbase Singapore and the exchange’s regional director for Southeast Asia. This is because firms there continue to demonstrate interest in and exposure to cryptocurrencies.

According to Ahmed, the city-state also serves as Coinbase‘s Asia-Pacific technology hub, with a local team of engineers in charge of the company’s platform localization and worldwide expansion initiatives.

With the new authority to offer Digital Payment Token services, Ahmed said Coinbase would seek to collaborate with regional platforms and expand its fiat capabilities. Coinbase was previously offering services, including its institutional platform, under an exemption given by MAS.

The exchange claims it has continuing collaborations with regional Web3 organizations such the Singapore Fintech Association and the Association of Crypto Currency Enterprises and Start-ups (ACCESS) (SFA).

According to Ahmed, it is collaborating with the local business community in Singapore to enforce fair regulations and to give information to Advisory.sg, a non-profit organization that focuses on young people.

“We collaborate with industry associations to promote dialogue with policymakers, and ensure balanced regulations, and a pragmatic approach to regulatory framework for digital assets,” said Ahmed, adding:

“On the employment side, crypto as an industry is exciting but often confusing, so we are working with career exploration non-profits like advisory.sg to provide guidance to their members.”

With a local corporation operating in Japan since August 2021 and a planned extension of its retail-focused services in Australia on October 5.

Coinbase has noticed interest in growing throughout the Asia-Pacific area

Ahmed said of Coinbase’s plans to offer services throughout Southeast Asia:

“We see Southeast Asia as a crypto-forward region with a lot of demand for holding and using crypto in markets such as the Philippines and Indonesia, as well as a hotbed of innovation for trends like Web3 gaming such as Vietnam.”

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