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Coinbase Acquires Crypto License to Operate in Singapore

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Joyashree Dey Follow

INDIA

Oct, 11 2022

Oct, 11 2022

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On October 10, cryptocurrency exchange platform Coinbase announced in a press release that the Monetary Authority of Singapore (MAS), has granted in-principle approval to the firm, permitting it to offer its services in Singapore.  


In a recent blog post, Coinbase announced that the firm has received a regulatory nod from the central bank of Singapore. The firm has acquired an in-principle approval (IPA) from the Singaporean authorities aka MAS, which will further allow the firm to expand its base and offer a host of crypto services to its Singaporean investors & clients. 


Coinbase is set to offer regulated Digital Payment Token Products and Services in Singapore with the help of this license. As per Financial Times, Sopnendu Mohanty, the top fintech officer at MAS, had recently stated that the regulatory body has established a rigid licensing and horrendously lengthy process for organizations to disallow terrible ways of behaving widespread in the crypto sector. 


“We are excited to announce that we have received our In-Principal Approval (IPA) as a Major Payments Institution license holder from the Monetary Authority of Singapore (MAS). This licence will allow us to offer regulated Digital Payment Token products and services in the island state. ” The statement reads. 


The press statement further adds that co-founder & CEO of Coinbase, Brian Armstrong, will also be present at a stage event in Singapore with MAS’s Chief Fintech Officer, Sopnendu Mohanty. 


“We are also excited to confirm that our CEO and co-founder, Brian Armstrong, will be taking the stage at the Singapore Fintech Festival on November 4th, in a fireside chat with Sopnendu Mohanty, the Chief Fintech Officer at MAS.” 




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Joyashree Dey

CBW - External Analyst

INDIA

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