Coinbase, a well-known crypto exchange, announced they received IPA or In-Principle Approval to offer crypto services in Singapore licensed by the Monetary Authority of Singapore (MAS).
Singapore is one of the leading countries in the crypto industry. Many companies have based their businesses here due to better opportunities.
Coinbase has also been actively promoting its platform in Lion City for the past few years. In fact, Singapore is known to be the center of Coinbase as most of the team members, product managers, and engineers are based here.
The exchange’s Coinbase Ventures led by CEO Brian Armstrong has invested in over 15 Singapore-based startups for the development of Web3/crypto in the country. Coinbase also has its own NFT marketplace where artists and creators from all over the world can mint their works, and users can buy, sell, and trade them on the platform.
Additionally, the exchange is actively going around countries to seek approval for digital payment products and services like many others. With so many projects simultaneously in progress, Coinbase seems to be aiming for building a proper ecosystem.
Coinbase receives IPA from Singapore
According to the official press release, Coinbase believes in licensed operations; therefore, seeing its growing market in Singapore, the exchange applied for IPA.
The Monetary Authority of Singapore willingly accepted the application and now Coinbase can provide regulated Digital Payment Token products and services to Singaporeans.
“Gaining this in-principle approval from MAS is an important step, as we plan to launch our full suite of retail, institutional and ecosystem products,” the statement reads. “…we are excited to continue investing and building for the crypto economy here.”
This is good news for Coinbase because one step ahead of becoming the biggest exchange in the world, rivaling Binance.