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Digital asset trading platform Coinbase is announcing that it has received a license to operate in Singapore.
Coinbase says that the Monetary Authority of Singapore (MAS) has granted the crypto exchange regulatory go-ahead to provide “digital payment token products and services” in the city-state.
The Monetary Authority of Singapore, which is the city-state’s central bank and financial regulator, defines digital payment tokens as “digital representations of value that do not have a physical form, and are typically maintained using blockchain technology”.
Coinbase says its presence in Singapore was growing even before the operating license was granted and this has enabled it to invest in crypto startups as well as human capital in the city-state.
“For some time now, we have been quietly increasing our presence in the Lion City. Last year we announced Singapore as a tech hub for Coinbase; we have since continued to hire and train product managers and engineers on Web3 technologies.
The team leading our venture arm, Coinbase Ventures, has invested in over fifteen Singapore-based Web3 startups in the past three years, they have also established a team in the island city to drive investment activity in the Asia-Pacific region.”
Coinbase’s green light to operate in Singapore comes weeks after the crypto trading platform successfully registered with the Dutch Central Bank (De Nederlandsche Bank — DNB). The registration allowed Coinbase to roll out its products and services in the Netherlands, Europe’s fifth-largest economy.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jorm S
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