Coinbase Gets Legal License To Provide Crypto Services In Singapore

Benefits Of The License

Coinbase officially announced the in-principle approval in its blog post. The post stated that with this approval, Coinbase would be able to provide Digital Payment Token (DPT) goods and services throughout the island nation. The exchange also remarked that on November 4th, during the Singapore Fintech Festival, the CEO and Co-Founder of Coinbase, Brian Armstrong, will participate in a fireside conversation with Sopnendu Mohanty, the Chief Fintech Officer at MAS.

Hassan Ahmed, the CEO of Coinbase Singapore and the exchange's regional director for Southeast Asia, stated in an interview that Singapore is a crucial institutional marketplace in Asia for exchanges since firms there continue to demonstrate an interest in and develop exposure to cryptocurrency.

According to Ahmed, the city-state also acts as Coinbase's Asia-Pacific technology center, with a native engineering team in charge of the company's platform localization and worldwide growth initiatives.

Collaboration With Regional Networks

Coinbase previously offered services, such as its institutional platform, under an exemption given by MAS. Ahmed added that with its recent authorization to offer DPT services, it intends to collaborate with regional networks and increase its fiat powers.

The exchange claims to be cooperating with regional Web3 organizations repeatedly, including the Singapore Fintech Association (SFA) and the Association of Crypto Currency Enterprises and Start-ups Singapore (ACCESS).

Advisory.sg - A Non-Profit Organization

According to Ahmed, it collaborates with the local business community in Singapore to ensure that regulators adopt fair rules and to inform Advisory.sg, a non-profit organization that focuses on serving young people.