Cryptocurrency exchange platform Coinbase has secured a full major payment institution license under Singapore’s Payment Services Act. This development will allow the company to broaden its crypto payment services footprint in the country.
Coinbase announced on Sunday that the license was granted nearly a year after Coinbase received preliminary approval from the Monetary Authority of Singapore (MAS). This license allows Coinbase to join the ranks of other companies providing digital payment token services in Singapore.
The license will empower Coinbase to offer an array of crypto payment services to both individuals and institutions across Singapore. At present, the exchange primarily offers trading and staking services to its users.
Hassan Ahmed, the country director of Coinbase Singapore, noted that the local team comprises roughly 100 professionals, including product managers, engineers, business development experts, and legal and compliance personnel. Recognizing Singapore as a key market aligns with the firm’s global mission and objectives, Ahmed added.
A May survey conducted by Coinbase revealed that 25% of Singaporeans view cryptocurrency as the future of finance, with 32% either currently owning or having owned cryptocurrency assets. In response to this growing interest, Coinbase has introduced convenient funding options like PayNow and FAST bank transfers earlier this year.
Despite grappling with regulatory issues, including an ongoing lawsuit by the United States Securities and Exchange Commission (SEC), Coinbase continues to display robust performance.
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