By
Godfrey Benjamin
April 23rd, 2024
Coinbase was already offering services that included its institutional platform under an exclusive immunity rewarded by MAS.
American cryptocurrency exchange platform Coinbase has obtained an “in-principle approval” to kickstart crypto services in Singapore via its Central Bank, the Monetary Authority of Singapore (MAS).
Chief Executive Officer of Coinbase Singapore, Hassan Ahmed, who is also the exchange’s regional director for Southeast Asia, believes that Singapore is one the most pivotal markets for the company in Asia as there are several businesses in the region that foster interest and pursue crypto exposure.
The city-state also functions as the company’s Asia-Pacific Tech Hub, with an on-the-ground workforce of engineers answerable for its global development activities as well as medium localization.
Coinbase was already offering services that included its institutional platform under an exclusive immunity rewarded by MAS. However, it is now seeking to collaborate with native media and develop its fiat capabilities with its new license to supply Digital Payment Token Services. The exchange illustrates its present work with native Web3 communities like the Association of Crypto Currency enterprises and Start-ups Singapore (ACCESS) and the Singapore Fintech Association (SFA).
CEO Ahmed said that the company is working in close circles with local enterprises to secure appropriate legislation from regulatory authorities. At present, Coinbase has over a hundred employees in Singapore. The firm has been extremely picky with its hiring in the past couple of months.
According to many, Singapore will emerge as the popular crypto center of Asia, with a regulatory regime that is more extensive than that of competitor city Hong Kong. Having said that, it is to be noted that the speed at which licenses are being authorized to companies is still very slow. Several barriers in the process cause MAS to tread carefully when welcoming newer businesses.
According to Ahmed, the partnership with industry unions will enhance communication and guarantee a wholesome approach toward regulations. Coinbase has also exhibited an interest in the Asia-Pacific region with a native enterprise in Japan since August 2021. The firm plans to expand in Southeast Asia with maximum demand from markets in the Philippines and Indonesia.
Coinbase CEO Brian Armstrong is giving more importance to international development after losing almost 20% of the company’s employee base and informing second-quarter revenue and trading volume that skipped estimates. Coinbase Vice President of International and Business Development, Nana Murugesan initially reported that the exchange was essentially pursuing markets that exude regulatory transparency as a prerequisite to growing further in Asia.