Singapore’s central bank, the Monetary Authority of Singapore (MAS), has granted Coinbase in-principal approval for a DPT license to operate in Singapore the company said in a press release.
- Including Coinbase, MAS has given out 17 in-principle approvals and licenses for DPT platforms under the Payment Services Act.
- Critics have complained that the licensing process is too hard and burdensome, but MAS has said it promises to be “unrelentingly hard” on crypto as a regulator.
- Coinbase currently has 100 employees in Singapore.
- In late 2021, Binance pulled out from Singapore after withdrawing its application for a DPT license and subsequently shut down its local .SG trading portal.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.