<p>Coinbase has received in-principal approval from the Monetary Authority of Singapore (MAS), thus gaining the status of a Major Payments Institution under the local Payment Services Act.</p><p>Announced on Tuesday, the new approval will allow the California-headquartered <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_1" class="terms__main-term">cryptocurrency exchange</a> to offer Digital Payment Token products and services in Singapore.</p><p>“We look forward to ongoing collaboration with the government on a pragmatic regulatory framework for digital assets, to empowering local and regional builders as they scale use cases, and to continue supporting efforts to consolidate the island state’s position as a global Web3 hub,” the official press release stated.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Hello Singapore ????????Excited to announce we have received an In-Principle Approval as a Major Payment Institution in the Lion City! This is an important step in our mission of being the most trusted crypto platform in Asia Pacific.<a href="https://t.co/pc2pkTl7yG">https://t.co/pc2pkTl7yG</a></p>— Coinbase (@coinbase) <a href="https://twitter.com/coinbase/status/1579678744348098560?ref_src=twsrc%5Etfw">October 11, 2022</a></blockquote><p><a href="https://www.financemagnates.com/tag/coinbase/" target="_blank">Coinbase</a> already had a significant presence in Singapore. It already has 100 employees in Singapore and is considering the city-state as one of its tech hubs. Further, the exchange operates its APAC institutional business from the city-state.</p><p>“Today’s announcement underlines our commitment to Singapore as a <a href="https://www.financemagnates.com/cryptocurrency/singapore-is-the-city-state-ready-to-become-asias-next-crypto-hub/" target="_blank">regional hub</a> that allows us to unlock new capabilities for Singapore-based institutional and corporate clients in the future,” the exchange added.</p><p>Coinbase is also focused on expansion into other global jurisdictions. Last month, the American crypto exchange received <a href="https://www.financemagnates.com/cryptocurrency/news/coinbase-expands-european-presence-obtains-regulatory-approval-in-the-netherlands/" target="_blank">regulatory approval in the Netherlands</a> that allows it to offer crypto products in the country. In addition, it received regulatory approval in Italy last July.</p><p>The Asian Gateway</p><p>MAS’ digital payment token license is considered to be one of the most stringent approvals for cryptocurrency companies. Coinbase has joined the flock of <a href="https://www.financemagnates.com/cryptocurrency/news/cryptocom-gets-in-principle-approval-from-singapores-mas/" target="_blank">Cypto.com</a> and DBS Vickers, along with 14 other companies, to obtain the license in Singapore.</p><p>However, Binance, which is the largest crypto exchange by trading volume, withdrew its application for a Singapore license and then pulled out from the jurisdiction altogether by shutting its local entity.</p><p>Meanwhile, Singapore’s MAS is considering bringing more restrictions for cryptocurrency trading, mostly by placing <a href="https://www.financemagnates.com/cryptocurrency/regulation/singapores-mas-mulls-to-bring-retail-crypto-trading-restrictions/" target="_blank">limits on retail participation and the use of leverages</a>. The regulator has been alarmed by the recent collapse of several promising crypto companies that were based in Singapore.</p>
This article was written by Arnab Shome at www.financemagnates.com.
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