A major cryptocurrency exchange has received regulatory approval in Singapore. Crypto exchange Coinbase has confirmed it has received an e-payment license from the country’s regulators – the Payment Services Regulation (PSR) of the Infocomm Media Development Authority (IMDA). The platform’s CEO, Zeeshan Feroz, said that the IMDA license would allow Coinbase to move forward with confidence as it expands into new markets and offers more services to its customers. He went on to explain that through the license, Coinbase will be able to provide crypto-to-fiat transactions in Singapore.
As it accelerates its international development, U.S. cryptocurrency exchange Coinbase has secured a crucial regulatory licence in Singapore, the business said on Tuesday.
The island nation’s central bank, the Monetary Authority of Singapore (MAS), has given Coinbase an in-principle clearance to offer regulated digital token products and services.
The regulatory certification of Coinbase comes while the cryptocurrency sector is still under pressure. With popular tokens like bitcoin and ether in the red this year, the market’s worth has lost over $2 trillion.
The sector has become infected by the failure of significant projects and corporate bankruptcies. In June, Coinbase made the announcement that 18% of its staff will be let off.
However, the American exchange has continued with its globalisation and is looking to add staff in new European markets.
In Singapore, Coinbase has consistently made investments. The business declared Singapore will be one of its digital development hubs last year. The island nation serves as the focal point for Coinbase’s institutional investor-focused operations in the Asia-Pacific region.
To launch our entire array of retail, institutional, and ecosystem goods, getting this in-principle permission from MAS is a critical step, Coinbase said in a blog post on Tuesday.
15 different companies have received similar permits from MAS as Singapore works to establish itself as a regulated international centre for the bitcoin business.
The central bank of Singapore is still attempting to entice firms to locate there, despite having issued warnings about the “speculative” dangers associated with cryptocurrencies and looking to tighten regulations around trading for individual investors.