Coinbase, the largest cryptocurrency exchange in the United States, has been granted a full major payment institution license in Singapore under the Payment Services Act. This license approval, received about a year after initial in-principle approval from the Monetary Authority of Singapore (MAS), enables Coinbase to expand its digital asset payment services in Singapore. It places Coinbase among more than a dozen firms licensed to offer digital payment token (DPT) services in the country.
The full license permits Coinbase to offer enhanced services to both individuals and institutions, facilitating its engagement with regulated stakeholders like banks. Coinbase currently provides trading and staking services in Singapore, where staking involves locking up digital tokens to validate blockchain transactions and earn rewards.
Coinbase has a workforce of approximately 100 employees in Singapore, covering various roles in product management, engineering, compliance, legal, and business development. While there are no immediate plans to increase the team size, growth will occur responsibly and sustainably in line with business opportunities.
Coinbase initially entered the Singapore market in 2015, pre-dating the regulatory framework for DPT service providers in the country. The in-principle approval granted in October 2022 allowed Coinbase to offer regulated DPT products and services.
Singapore’s progressive stance towards cryptocurrencies and its thriving Web3 ecosystem, featuring over 700 Web3 companies, align well with Coinbase’s goals. The exchange’s survey indicated growing interest in cryptocurrencies among Singaporeans, with 25% viewing crypto as the future of finance and 32% having owned or currently owning some form of crypto assets.
Coinbase has introduced funding options such as PayNow and bank-based Fast And Secure Transfers alongside the Singpass onboarding system in 2023 to cater to local demand. The company’s Asia-Pacific technology hub is based in Singapore, and it has invested in over 15 Web3 startups in the region through its investment arm, Coinbase Ventures.
Despite a narrowing second-quarter loss and revenue exceeding estimates, Coinbase faced legal challenges, including a lawsuit by the US Securities and Exchange Commission (SEC) accusing it of operating without proper registration. Coinbase has sought to have the case dismissed.
In the market, Coinbase’s shares have shown significant growth in 2023, more than doubling in value.
By FCCT Editorial Team freeslots dinogame telegram营销
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