Coinbase has received “in-principle approval” to offer cryptocurrency services in Singapore. The CEO of Coinbase Singapore, Hassan Ahmed, has said that the country is a crucial market for the crypto firm.
Coinbase receives in-principle approval in Singapore
The Singapore division of the US-based cryptocurrency exchange, Coinbase has obtained in-principle approval to offer crypto services in Singapore. The license has been granted by the Monetary Authority of Singapore (MAS).
Ahmed and the regional director for the exchange in Southeast Asia said that Singapore was a strategic institutional market for the exchange in Asia. Businesses in the country have continued to show interest in the crypto sector and gain exposure.
Singapore is also a tech hub in the Asia Pacific region for Coinbase. The company has a local team of engineers working on its expansion efforts and setting a local market for the platform.
It is not the first time that Coinbase has been operating in Singapore. The exchange already offered its services in the country through an exemption from the MAS. However, according to Ahmed, the firm would explore partnerships with local crypto firms to expand its offerings with the approval to offer Digital Payment Token services.
Ahmed has also said that Coinbase would work alongside the local crypto sector in Singapore to guarantee that regulators install fair laws. The exchange also works alongside local industry associations to promote talks with policymakers and ensure the regulatory framework is balanced.
“On the employment side, crypto as an industry is exciting but often confusing, so we are working with career exploration non-profits like advisory.sg to provide guidance to their members,” Ahmed said.
Coinbase expansion in Asia-Pacific
The Coinbase exchange has been actively expanding in the Asia-Pacific region. Besides having a local entity in Japan since August last year, the exchange has expanded its retail-focused services in Australia.
Ahmed also talked about the plans of the exchange to provide services in Southeast Asia. He said the region was a growing crypto hub that was seeing increased demand for holding and using crypto assets in different markets like the Philippines and Indonesia. Moreover, Southeast Asia has also become a hub for innovative trends like Web3 in Vietnam.
The vice president of Coinbase international and business development, Nana Murugesan, has said that the exchange will pay more attention to markets with a clear regulatory framework. The exchange will use this roadmap to expand into Asia.
Coinbase has been facing increased competition in this year’s bear market. After the Binance exchange announced zero-fee trading fees on some Bitcoin trading pairs, Coinbase has been on the verge of losing its market share in the US.
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