Coinbase gets Singapore's second license

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Coinbase gets Singapore's second license

This license will enable the exchange to expand its 'provision of digital payment token services to both individuals and institutions in Singapore,' the company said in a blog on Monday. Last year, coinbase was granted in-principal approval as a payments institution license holder from Singapore.

China's tech giant said it has been quietly increasing its presence in Singapore. Last year it established a tech hub for Coinbase in the nation and has since hired and trained product managers and engineers working on Web3. Over the last three years, the venture capital arm has invested in more than 15 Web3 startups in the United States. Coinbase's Asia-Pacific institution business is located in Singapore.

The Coinbase International Exchange gained regulatory authority from Bermuda's financial regulator, and Coinbase registered with Spain's central bank last week.

In 2023, Singapore has been stepping up its scrutiny over the sector, handing out numerous licenses to top-notch firms. On Monday, market maker GSR announced it has received the same license as Coinbase from the Singapore government.