Crypto exchange Coinbase has obtained a payment institution license from the Monetary Authority of Singapore.
The company said it had been quietly increasing its presence in Singapore. Last year it established a tech hub for Coinbase in the country and has since hired and trained product managers and engineers working on Web3. Its venture capital arm has also invested in over 15 Web3 startups in the country over the last three years. Singapore is the hub for Coinbase's Asia-Pacific institutional business.
"At Coinbase, we see thoughtful and practical regulation as a key ingredient for growth that will ultimately help fulfill the potential of this financial and technological revolution," the company said in its blog.
The company has been expanding internationally and has been targeting countries that have clear rules for the crypto industry. The Coinbase International Exchange acquired regulatory approval from Bermuda's financial regulator, and Coinbase registered with Spain's central bank last week.
Singapore has been stepping up its supervision over the sector, handing out several licenses to high-profile firms in 2023. On Monday, market maker GSR announced it had received in-principle approval for the same license as Coinbase from the Singapore regulator.
UPDATE (Oct. 2, 14:18 UTC): Adds GSR's in-principle approval in the last paragraph.
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