The company announced on Tuesday that the Monetary Authority of Singapore has awarded Coinbase Singapore in-principle authorisation to conduct regulated services in the city-state under the Payment Services Act.
Due to the fact that businesses there continue to demonstrate interest in and exposure to cryptocurrencies, Hassan Ahmed, CEO of Coinbase Singapore and the exchange’s regional director for Southeast Asia, said Singapore is a significant institutional market for the exchange in Asia.
“We see Singapore as a strategic market and a global hub for Web3 innovation” said Hassan Ahmed.
Singapore has become a key centre in Asia thanks to the financial hub’s success in luring firms involved in digital asset services from China, India, and other countries in recent years. However, Singapore intends to implement new restrictive policies that will make trading cryptocurrencies for retail investors more challenging.
Also Read: Dutch Central Bank Awards Crypto Service Approval to Coinbase
