Coinbase, the world’s second-largest crypto exchange cofounded by billionaire Brian Armstrong, has been granted permission to operate in Singapore as the city-state seeks to strengthen its position as an Asian digital asset hub.
The MAS has implemented a lengthy due diligence process when granting licenses for crypto players. Regulators have so far given less than 20 green lights to some 180 applicants since they implemented the licensing regime in January 2020. Among the recipients are Hodlnaut, the struggling crypto lender who was recently granted protection from creditors. Others include the brokerage arm of DBS Bank and exchange giant Crypto.com.
Calling the MAS a “lighthouse regulator for the region,” Coinbase said it has been expanding its presence in Singapore. The company has invested in more than 15 Singapore-based crypto startups over the past three years, and has built a team there to drive investment activity in the Asia-Pacific region.
Founded in 2012 in San Francisco, Coinbase said it’s now serving 103 million users across more than 100 countries. The company has recently followed the wider trend of other crypto businesses in reducing costs by laying off part of its workforce amid a downturn in the industry. It continues to be the world’s second-largest crypto exchange, processing $1.6 billion worth of spot trades of digital assets over a 24-hour period on Tuesday, according to tracker Coingecko.
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Coinbase Wins Crypto License In Singapore As City-State Aims To Become Web3 HubCoinbase, the world’s second-largest crypto exchange cofounded by billionaire Brian Armstrong, has been granted permission to operate in Singapore as the city-state seeks to strengthen its position as an Asian digital asset hub.
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Crypto giant Coinbase gets Singapore licenceCoinbase, the largest crypto exchange in the United States, said it has received approval from Singapore's central bank to offer payment services in the city-state.
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