Coinbase has entered the Singaporean market as it has gained approval from the central bank to offer its crypto services in the city-state.
The approval will allow crypto exchanges such as Coinbase to offer services that individuals and institutions can use. Still, the central bank will regulate them under its Payment Services Act.
Coinbase has said that this has been a "significant milestone". It further added that the company currently has nearly 100 employees and has been building a robust presence in the Southeast Asian state. The largest volume of hires from Singapore is product engineers, according to Coinbase.
"We see Singapore as a strategic market and a global hub for Web3 innovation," said Hassan Ahmed, Coinbase's regional director for Southeast Asia.
Coinbase is among the only 17 crypto firms to receive in-principle approvals and licences from the Monetary Authority of Singapore (MAS) after an elaborate due diligence process that is still ongoing. There were about 180...
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