The Monetary Authority of Singapore (MAS), Singapore’s central bank, has given the in-principle approval (IPA) to Coinbase. It is a legal license for Coinbase to offer cryptocurrency services in Singapore. Hello Singapore 🇸🇬 Excited to announce we have received an In-Principle Approval as a Major Payment Institution in the Lion City! This is an important step in our mission of being the most trusted crypto platform in Asia Pacific.https://t.co/pc2pkTl7yG — Coinbase (@coinbase) October 11, 2022 Benefits Of The License Coinbase officially announced the in-principle approval in its blog post. The post stated that with this approval, Coinbase would be able to provide Digital Payment Token (DPT) goods and services throughout the island nation. The exchange also remarked that on November 4th, during the Singapore Fintech Festival, the CEO and Co-Founder of Coinbase, Brian Armstrong, will participate in a fireside conversation with Sopnendu Mohanty, the Chief Fintech Officer at MAS. Hassan Ahmed, the CEO of Coinbase Singapore and the exchange’s regional director for Southeast Asia, stated in an interview that Singapore is a crucial institutional marketplace in Asia for exchanges since firms there continue to demonstrate an interest in and develop exposure to cryptocurrency. According to Ahmed, the city-state also acts as Coinbase’s Asia-Pacific technology center, with a native engineering team in charge of the company’s platform lo...
