Singapore is a “priority market” for Coinbase as the exchange expands its global operations – particularly in light of SEC hostility.
US crypto exchange Coinbase may still be struggling with regulators on home soil, but that hasn’t stopped the company from expanding globally.
On October 1, Coinbase announced that it has obtained a Major Payment Institution licence from the Monetary Authority of Singapore, allowing the exchange to expand its services to both individuals and institutions in the country.
Singapore is a “priority market” for Coinbase, which has been repeatedly roadblocked by the US Securities and Exchanges Commission (SEC).
A Coinbase survey found that 1 in 4 Singaporeans consider crypto as “the future of finance” and one third either own, or have owned, cryptocurrency. Singapore is also home to more than 700 Web3 companies, namely due to its flexible approach to crypto regulation.
Singapore is such a vital market for Coinbase that it released products tailored specifically to Singaporeans, such as FAST bank transfers and PayNow. The exchange also introduced no-fee USDC purchases with Singapore Dollars to make it easier to onboard locals.
“At Coinbase, we’re deeply committed to reshaping the financial landscape by developing trusted products that bolster the utility and adoption of crypto,” the company stated. “Our core belief is that blockchain and crypto technologies have the power to amplify economic freedom and opportunities globally. We’ve seen many international markets crafting innovative policies to emerge as crypto hubs. In this light, our recent achievements in Singapore resonate even stronger.”
It added, “The newly acquired licence is not only a validation of Coinbase’s operations but also represents a promise and responsibility to the growing crypto and Web3 community in Singapore.”
Products and services aside, Coinbase has also committed to training and hiring initiatives at its Singapore tech hub, in addition to making region-specific investments through Coinbase Ventures – 15 of of which are rooted in Singapore.
Singapore is just the latest addition to Coinbase’s global network. Last week, the exchange secured a coveted registration with the Bank of Spain, and has achieved VASP registrations in Italy, Ireland, and the Netherlands.
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