Leading cryptocurrency exchange Coinbase has acquired an important license in Singapore. The Monetary Authority of Singapore (MAS) officially granted the company a Major Payments Institution license, cementing its position in the country after receiving in-principle approval late last year.
Coinbase Obtains Full Regulatory License in Singapore
This development comes amid an ongoing regulatory dispute in the United States, Coinbase's home market.
In June, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the company, alleging that it operated as an unregistered broker and exchange in violation of federal securities laws.
“This license demonstrates our commitment to the market and marks the end of our licensing journey,” said Hassan Ahmed, country director of Coinbase Singapore.
Highlighting the contrasting regulatory experiences in Singapore and the US, Ahmed emphasized the importance of regulatory clarity and well-defined industry rules in their international strategies.
Ahmed also noted that Coinbase works closely with MAS, providing important policy input.
The newly acquired license enables Coinbase's Singapore presence to offer a wider range of Digital Payment Services to both retail and corporate customers in the region.
It is also solidifying its partnerships with local institutions, with Standard Chartered serving as its local banking partner.
Coinbase has adapted its offerings to meet local demands by offering user-friendly account funding options including PayNow and FAST bank transfers.
Additionally, they introduced free purchases of USDC, a stablecoin.
*This is not investment advice.