Coinbase Singapore has received an in-principle approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services in the country.
Photo credit: Max Pixel
The crypto exchange said this approval, under the Payment Services Act, will allow individuals and institutions to access digital payment token services via a regulated platform.
Coinbase, which says it is the largest crypto exchange in the US, is also registered in Japan and Australia.
Since calling Singapore a tech hub last year, the crypto major has grown its R&D team to be one-third of its Singapore workforce, said David Ko, senior director of engineering at Coinbase Singapore.
Meanwhile, the team leading Coinbase Ventures has invested in over 15 Singapore-based Web3 startups in the past three years, the company said.
“We see Singapore as a strategic market and a global hub for Web3 innovation. The MAS is a lighthouse regulator for the region, with a rigorous and pro-business approach that balances responsible innovation and customer protection,” said Hassan Ahmed, head of Southeast Asia at Coinbase and CEO of Coinbase Singapore.
Founded in 2012, Coinbase has over 100 million verified users globally.
See also: DeFi enters its second act
Editing by Deepti Sri and Arpit Nayak
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