✍️ 27 March, 2023 – 4:28 👤 Editor: Jakub Motyka
- Coinbase has managed to obtain approval to operate in Singapore.
- This is a key market for the exchange and the world of cryptocurrencies in general.
- The exchange works closely with regulators to generate more balanced policies.
Coinbase, the North American cryptocurrency exchange platform, has obtained a license to operate in Singapore. The country’s main financial institution, the Monetary Authority of Singapore, has given its Approval in Principle (IPA) for the platform to start providing services with digital assets.
Through a announcement on their official blog, Coinbase announces its commercial opening within Singapore. This is an important milestone, as the island state has always tried to be at the forefront of the financial and technological revolution. For this reason, the exchange has lent all its collaboration to the regulatory entities to seek to generate more balanced policies
Why Is Singapore So Important To The Cryptocurrency Market?
According to Hassan Ahmed, CEO of Coinbase Singapore and regional director for Southeast Asia, Singapore is a key institutional market for the exchange. Many companies within the country have shown a growing interest in and are exposed to cryptocurrencies. For this reason, by starting to operate legally within the country, the exchange is opening the doors to new institutional investors to the crypto market.
Thanks to the exemptions granted by the MAS, the Coinbase team is looking to partner with different local platforms. Only then could they expand their fiat capabilities with their approval for lending digital token services. This is why the exchange is pursuing a partnership with local groups in the Web3 community, such as ACCESS and the Fintech Association of Singapore.
Coinbase Is Working To Promote Dialogue With Regulators
Ahmed assured that Coinbase is working with the local industry in Singapore to ensure fair laws and provide information. On the above, he says that “we collaborate with industry associations to promote dialogue with policymakers and ensure a balanced regulation and a pragmatic approach of the regulatory framework for digital assets.”
It should be noted that Coinbase has shown great interest in expanding throughout the Asia-Pacific region, in collaboration with a Japanese entity since August 2021. On this, Ahmed pointed out that “we see Southeast Asia as an advanced crypto region with high demand for crypto holding and usage in markets like the Philippines and Indonesia, as well as a hotbed of innovation for trends like Web3 gaming like Vietnam.”
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