The Monetary Authority of Singapore (MAS) has announced that it has approved a DPT license for Coinbase to operate in Singapore.
With its regulatory approval to Coinbase, MAS has granted 17 principal approvals and licenses for DPT platforms under the Payment Services Act. The new address of Coinbase, which operates in many countries, to provide crypto services is Singapore.
Activity Confirmation to Coinbase from Singapore
With regulatory approval from Singapore, Coinbase will be able to offer customers a suite of retail, institutional and ecosystem products.
This approval from Singapore marks an important milestone in Coinbase’s ongoing international expansion plan. Coinbase currently has 100 employees in Singapore. The previous stop of the crypto exchange where it was licensed was the Netherlands.
Coinbase has a broad footprint serving customers in almost 40 European countries through dedicated hubs in Ireland, the UK and Germany.
It is also working towards additional registrations or license applications in many major markets, in accordance with local regulations.
Coinbase Southeast Asia director Hassan Ahmed said:
“We consider Singapore to be a strategic market and a global hub for web3 innovation.”
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