Coinbase, Ripple Labs secure full licenses in Singapore

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Coinbase, Ripple Labs secure full licenses in Singapore

Two major cryptocurrency firms, Ripple Labs and Coinbase, have secured full licenses in Singapore by the U.S. Securities and Exchange Commission.

Last Sunday, Coinbase, one of the world's largest crypto exchange platforms, announced that it has received a Major Payment Institution license from the Monetary Authority of Singapore, the central bank and financial authority of the Southeast Asian country.

The license will allow Coinbase to offer digital payment token services to individuals and institutions in Singapore, a country that has become the center of crypto in Asia in the past few years.

In October 2022, Coinbase received initial approval in Singapore as a 'vital market', since data revealed that 32% of Singaporeans have done crypto in the past or own crypto assets.

ving identified Singapore as a vital market for Coinbase. The nation's progressive economic strategies and regulatory approach sync well with our global mission and objectives, said Coinbase.

The Singapore branch, like Coinbase, secured a license as a major payment institution by the Monetary Authority of Singapore. The company is able to continue offering digital payment token services in the country.

Although Coinbase took nearly a year to obtain its full license, Ripple's Singapore subsidiary waited only four months to secure its full MPI license, since it received its preliminary approval in June of this year.

We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore, Mr. Garlinghouse said in a statement.

Singapore has evolved as a leading fintech and digital asset hub, striking a balance between innovation, consumer protection and responsible growth, the CEO said.

The latest move on Coinbase and Ripple Labs' operations in Singapore marks a crucial step towards wider adoption of digital assets in the country and the world.

In December 2020, the SEC filed a civil lawsuit against Ripple Labs, alleging that the company sold XRP for more than $1.3 billion in unregistered securities offerings. In June 2023, the Wall Street Commission filed a lawsuit against Coinbase alleging that the company failed to register with the market regulator as a securities exchange.