"A Vital Market": Coinbase Obtains Singapore License

<p dir="ltr">San Francisco-headquartered crypto exchange Coinbase (Nasdaq: COIN) has strengthened its Southeast Asian presence by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.</p><p dir="ltr">Coinbase's Ambitions for Singapore</p><p dir="ltr">Announced today (Monday), the crypto exchange gained the full license after a year of <a href="https://www.financemagnates.com/cryptocurrency/news/coinbase-gains-in-principal-approval-from-singapores-mas/">in-principal approval from the regulator of the city-state.</a> Earlier, Coinbase considered entering the country by acquiring a now-bankrupt crypto exchange, <a href="https://www.financemagnates.com/cryptocurrency/coinbase-decides-against-full-acquisition-of-singapore-based-zipmex/">Zipmex</a>, but backed out from the deal in mid-2022.</p><p dir="ltr">"We've identified Singapore as a vital market for <a href="https://www.financemagnates.com/tag/coinbase/">Coinbase</a>," Nana Murugesan, the VP of International and Business Development at Coinbase, and Hassan Ahmed, the Country Director of Singapore at Coinbase, wrote in a joint blog post. "The nation's progressive economic strategies and approach to regulation sync well with our global mission and objectives."</p><p dir="ltr">Indeed, the high retail demand for cryptocurrencies in Singapore also pushed many firms to enter the small country, which is also referred to as a gateway to the vast Southeast Asian markets. Coinbase also highlighted a survey, which found that 25 percent of Singaporeans see crypto as the future of finance, and 32 percent either hold or have held cryptocurrencies.</p><p dir="ltr">"In response to the region's growing demands and unique market dynamics, we've actively developed and released products tailored specifically for Singapore," two Coinbase executives added.</p><p dir="ltr">Indeed, the American exchange has added local funding options to its services in Singapore and integrated SingPass to streamline onboarding processes. Further, the exchange is offering no-fee USDC purchases with SGD.</p><p dir="ltr">Expansion Goals of Coinbase</p><p dir="ltr">While Coinbase strengthened its Southeast Asian presence, its future in India is in jeopardy. The exchange <a href="https://www.financemagnates.com/cryptocurrency/is-coinbase-leaving-india-the-crypto-exchange-stops-new-signups/">terminated new signups</a> on its crypto exchange in the country. The exchange also terminated the accounts of Indian users who did not meet its requirements.</p><p dir="ltr">However, Coinbase is expanding in several other jurisdictions by obtaining local licenses. It was recently registered as a <a href="https://www.financemagnates.com/cryptocurrency/coinbase-bolsters-eu-presence-gains-registration-in-spain/">virtual asset service provider (VASP) in Spain</a> and holds similar approval in Italy, Ireland, and the Netherlands.</p><p dir="ltr">Further, the exchange obtained <a href="https://www.financemagnates.com/cryptocurrency/coinbase-secures-bermuda-regulatory-approval-for-perpetual-futures-trading/">regulatory approval from Bermuda's financial regulator</a> to enable perpetual futures trading for non-US retail customers. Meanwhile, the exchange is engaged in a legal battle with the securities regulator in the US.</p>

This article was written by Arnab Shome at www.financemagnates.com.