Coinbase Gets Licensed in Singapore

Coinbase has been granted a significant regulatory license in Singapore. The Monetary Authority of Singapore has awarded the company with a Major Payment Institution license, following an in-principle approval given last year.

This news comes amidst a dispute between Coinbase and regulators in the United States, where the Securities and Exchange Commission has sued the company for allegedly operating without proper registration and violating securities laws.

In an interview, Hassan Ahmed, country director of Coinbase Singapore, stated that this license solidifies their commitment to the Singapore market and marks the end of their licensing process.

He also shared that the experience in Singapore differs from the regulatory situation in the US, as the clear regulations and rules set by MAS have been beneficial for their international strategy.

The license enables Coinbase Singapore to offer a wider range of Digital Payment Token services to both retail and institutional customers in the region, while also establishing strong relationships with local institutions. The company’s local banking partner is Standard Chartered.