Popular US-based cryptocurrency exchange Coinbase has received “approval in principle” from the Monetary Authority of Singapore (MAS) to provide crypto services.
Coinbase announced in a press release from the Monetary Authority of Singapore (MAS) that it has received a nationwide crypto service provider license in principle. MAS, including Coinbase Payment Services Act in the scope of 15 different DPTs (Digital Payment Token) platform approval and licence gave.
CEO of Coinbase Singapore Hassan Ahmed In his statement on the subject, he made the following statements:
Coinbase has around 100 employees in Singapore. Although we have been selective about hiring in the last months, we will enter a faster process from this point on. We see Singapore as a strategic market for corporate clients as well. But we will not be limited to only Singapore. Australia and Japan are very important markets that we will continue to double.
As Hassan noted, Coinbase continues to accelerate its Asian operations. Coinbase in August 2021 Japanese banking giant MUFG By making an agreement with the company, it stepped into the local market there.
It also offers its retail-focused services in Australia. October 5th enlarging on Asia-Pacific interested in expanding in the region.