Coinbase joins Crypto.com and DBS Vickers as a significant entity having a DPT license from the Monetary Authority of Singapore. As a result of receiving a license to do business, Coinbase will be able to provide cryptocurrency-related goods and services in Singapore.
The Monetary Authority of Singapore, Singapore’s central bank, has given “in-principle clearance” for the Coinbase Singapore branch to provide bitcoin services in Singapore (MAS).
Hassan Ahmed, the CEO of Coinbase Singapore and the exchange’s regional director for Southeast Asia, explained that Singapore is a crucial institutional market for the exchange in Asia owing to the continued interest and exposure that firms there have shown to cryptocurrencies. According to Ahmed, the city-state acts as Coinbase’s Asia-Pacific technology center, with a local team of engineers in charge of the platform localization and the company’s ambitions to expand internationally.
With the new authority to provide Digital Payment Token services, Ahmed said Coinbase will seek to collaborate with regional platforms and extend its fiat capabilities. Coinbase was previously offering services, including its institutional platform, under an exemption given by Mas. The exchange claims it has continuing collaborations with regional Web3 organizations such the Singapore Fintech Association and the Association of Crypto Currency Enterprises and Start-ups (ACCESS) (SFA).
Ahmed claims that the organization is collaborating with the local business community in Singapore to establish fair regulations and to provide information to Advisory.sg, a nonprofit organization that focuses on youth.
Singapore Regulators Getting More Involved with Crypto
Singapore’s crypto environment has generally been friendly, but recently, things have become more restrictive. The nation’s officials have been stepping up their efforts to control the industry, but it also aspires to be a center for blockchain and cryptocurrency innovation. On the other side, companies might profit from low tax rates.
Crypto firms that promote speculation, according to Mohanty, will face serious punishment. He thinks that the danger should be well explained. Although authorities are aware that there are unregulated and sometimes even criminal crypto operations operating, Singapore does not intend to outlaw retail trade.