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17 Oct 2022
The Cryptocurrency Exchange Coinbase Got Approval to Operate in Singapore
Coinbase has announced today that it has received an e-Payments license from the Monetary Authority of Singapore (MAS). The license will allow Coinbase to expand its services to the region, making it easier for customers to buy, sell, use and store digital currencies such as Bitcoin, Ethereum, and Litecoin.
With this announcement, Coinbase joins other major crypto exchanges, such as Binance, and it’s set to establish a stronger overseas presence.
As part of its licensing strategy, the Monetary Authority of Singapore (MAS) has granted Coinbase in-principle approval to provide digital currency products and services on the island nation.
The exchange has not released information about what regulators say about its trade. But around $2 trillion has been erased from the value of the cryptocurrency market this year, with Bitcoin and Ether going into the red.
Starting from when major projects failed and firms became bankrupt, contagion has spread through the industry. For example, Coinbase announced the layoff of 18% of its employees in June.
Despite this, the United States exchange continues to expand internationally and is looking to hire people in the European markets.
Coinbase has made plenty of investments in Singapore. Last year, the company announced that Singapore would become its technical hub. Being the hub of Coinbase's Asia-Pacific operations means the island state's thriving digital economy also welcomes institutional investors.
In a blog post on Tuesday, Coinbase said: "Gaining this in-principle approval from MAS is an important step, as we plan to launch our full suite of retail, institutional and ecosystem products."
As Singapore moves to build a reputation as a global hub for the cryptocurrency industry, the MAS has given approvals to 15 different firms.
Although the central bank warns of speculative risks associated with cryptocurrency and tightens rules around retail trading, it is still seeking to attract businesses to Singapore.
Also Read: Google Is Shutting Down Its Translate Service in China
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