Coinbase receives in-principle approval in Singapore

Sahana Kiran
Coinbase
Source – Unsplash

With regulators all across the globe trying to scrutinize the market, Singaporean authorities went a step ahead. The Monetary Authority of Singapore [MAS] intends to roll out laws that would limit the access of crypto to retail investors. While this meddles with the ethos of the industry, the regulator seemed to be treading carefully. Acquiring a license in the region has become more difficult than ever. However, Coinbase seems to have managed to work its way into the region.

As per the latest reports, MAS has given Coinbase Singapore in-principle approval to operate as a digital asset provided in the region. It should be noted that the exchange acquired this under the Payment Services Act.

Speaking about Coinbase’s latest move, Hassan Ahmed, CEO of the exchange’s Singapore wing said,

“We see Singapore as a strategic market for institutional clients as well. Australia and Japan are very key markets within the broader APAC sort of region that we’re going to continue to double down on.”

It should be noted that Coinbase Singapore currently entails about 100 employees. While the firm slowed down on its hiring process, the latest approval is likely to boost the same.

Will Crypto.com’s dominance over Singapore be affected?

Crypto.com emerged as the first prominent crypto platform to garner a green signal from Singaporean regulators. Back in June right after the chief fintech officer of MAS, Sopnendu Mohanty said the licensing process was “painfully slow” the exchange bagged its approval.

The community speculated that it would be extremely difficult for cryptocurrency platforms to function in Singapore in response to Mohanty’s remarks. It should be emphasized that MAS’s strict standards were motivated by the failure of a number of companies, including Three Arrows Capital, Hodlnaut, and others.

Therefore, with Crypto.com attaining a license, several assumed that the platform would dominate the crypto scene in Singapore. However, with Coinbase in the picture now, its popularity and engagement might decrease Crypto.com’s overall grip in the region.