Coinbase Receives Singapore Crypto License Approval in Principle
The CEO of Coinbase Singapore explained that the country is an important institutional market for the exchange and that it is also working with local industry groups to improve regulation.
The Singapore-based division of U.S. cryptocurrency exchange Coinbase has received “approval in principle” from the central bank, the Monetary Authority of Singapore (MAS), to offer crypto services in Singapore. .
Hassan Ahmed, CEO of Coinbase Singapore and regional director of the exchange’s Southeast Asia region, told Cointelegraph that Singapore will continue to invest in Asia as companies continue to show interest in and gain exposure to cryptocurrencies. said it was an important market for exchanges in
The city-state also serves as Coinbase’s Asia-Pacific tech hub, with an on-site team of engineers responsible for international expansion efforts and platform localization, Ahmed said.
While Coinbase already offered services, including a platform for institutions, under an exemption granted by the MAS, Ahmed obtained new approval to partner with local platforms and offer a digital payment token service. said it would consider expanding the functionality of fiat currencies.
The exchange said it has continued work with local Web3 community groups such as the Singapore Cryptocurrency Enterprises and Startups Association (ACCESS) and the Singapore Fintech Association (SFA).
Ahmed said he is working with local industries in Singapore to ensure fair laws from regulators and to inform youth-focused non-profit Advisory.sg.
“We will work with industry bodies to facilitate dialogue with policymakers to ensure balanced regulation and a pragmatic approach to the regulatory framework for digital assets,” said Ahmed. added to
“On the employment side, cryptocurrency as an industry is exciting but often confusing, so we are working with career search nonprofits like advisory.sg to provide guidance to our members.”
Coinbase is interested in expanding across the Asia-Pacific region, including establishing a local subsidiary in Japan from August 2021 and expanding its retail-focused services in Australia on October 5.
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Speaking on Coinbase’s plans to offer services across Southeast Asia, Ahmed said:
“We believe that Southeast Asia is a cryptocurrency-advanced region with a high demand for holding and using cryptocurrencies in markets such as the Philippines and Indonesia, and a hotbed of trend innovation such as Web3 games in Vietnam.”
Nana Murugesan, Vice President of International and Business Development at Coinbase, previously told Cointelegraph that the exchange was “ [regulatory] Clarity in planning further expansion into Asia”.
Coinbase Receives Singapore Crypto License Approval in Principle
Source link Coinbase Receives Singapore Crypto License Approval in Principle
