High-quality cryptocurrency exchange On Tuesday, Coinbase announced that the Singapore Central Bank had granted them a license to provide digital payment token services. With the clearance, Coinbase can now provide payment services to Singaporeans.
This is consistent with the Payment Services Act of Singapore, which permits individual users and institutions to use services related to digital payment tokens. Additionally, the nation’s central bank oversees cryptocurrency companies.
Hassan Ahmed, the CEO of Coinbase Singapore, claims that Singapore is a significant institutional market for the exchange in Asia. This is because firms there continue to demonstrate an interest in and exposure to cryptocurrencies.
License Approval For Coinbase In Singapore
The Southeast Asian nation already has a sizable presence in the cryptocurrency exchange. Currently, Coinbase employs about 100 people, most of whom are product engineers.
Singapore is crucial to Coinbase’s expansion strategy, according to Hassan Ahmed, regional director for Southeast Asia.
Top cryptocurrency exchange On Tuesday, Coinbase announced that it has obtained a license from the central bank of Singapore to provide digital payment token services. With the clearance, Coinbase can now provide payment services to Singaporeans.
This is consistent with the Payment Services Act of Singapore, which permits individual users and institutions to use services related to digital payment tokens. Additionally, the nation’s central bank oversees cryptocurrency companies.
Expanded User Base
The Singapore approval is another important milestone in Coinbase’s development goals for this year. The cryptocurrency exchange received a regulatory license in Italy, an important European market, earlier in July.
The organization was granted a license as a provider of crypto asset services by the Italian government. Ireland, the United Kingdom, and Germany are just a few of the 40 European nations Coinbase already serves as customers.
The plans are being developed in many other nations, and numerous approvals are still waiting.
Binance Singapore Drops Crypto License Plans
Binance Asia Services (BAS) is one of the roughly 170 crypto businesses that applied for a Digital Payment Token License in Singapore. The license allowed them to provide services related to digital assets to local consumers.
On February 13, 2022, Binance closed all open accounts on its local website and stopped providing services.
In a statement sent to CoinDesk through email, BAS said it has refocused its operations to serve as a technology, research, and development center.