receives crypto approval in Singapore

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. Singapore is known to be Coinbase’s center with many Singaporean team product managers and engineers.

The exchange’s Coinbase Ventures led by CEO Brian Armstrong has also invested in over 15 Singapore-based startups for the development of Web3/crypto in the country.

Additionally, the exchange is actively going around countries to seek approval for digital payment products and services like many others. Now, it has received 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 has officially licensed Coinbase to provide regulated Digital Payment Token products and services to Singaporean consumers without any restrictions.

“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.

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