Coinbase gets Singapore approval for expanding services

Coinbase gets Singapore approval for expanding services

This license will allow 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. In the first year, Coinbase received in-principal approval from Singapore as a payments institution license holder.

The company said it has been quietly expanding its presence in Singapore. Last year, the company established a Tech hub for Coinbase in the United States and has since hired and trained product managers and engineers working on Web3. With the assistance of its venture capital arm, it has also invested in more than 15 Web3 startups in the country over the last three years. Coinbase's Asia-Pacific institution business is headquartered in Singapore.

The Coinbase International Exchange acquired regulatory approval from Bermuda's financial regulator, and Coinbase signed a deal with Spain's central bank last week.

Singapore has been enhancing its control over the sector, issuance of numerous licenses to prominent firms in 2023. On Monday, market maker GSR said it had received in-principle approval for the same license as Coinbase from the Singapore government.