Crypto giant Coinbase will seek expansion in Asia Pacific via Singapore where it has received approval to provide services in the city-state.
Coinbase has received an in-principal approval under the Payment Services Act from the Monetary Authority of Singapore (MAS) to provide digital payment token services, according to a statement.
The city-state, which was named as Coinbase’s tech hub last year, will also act as a hub for its Asia Pacific institutional business. Following the obtainment of the approval, Coinbase said it plans to launch a full suite of retail, institutional and ecosystem products.
Singapore Investments
Within Singapore, Coinbase has made a number of investments including hiring and training product managers and engineers on Web3 technologies. The firm has also made venture capital investments into more than 15 Singapore-based Web3 startups in the past three years and established a local team to drive investment activity in the region.
«For some time now, we have been quietly increasing our presence in the Lion City,» the statement added. «Singapore plays a critical regulatory and commercial role in APAC and beyond, and serves as our global talent hub; we are excited to continue investing and building for the crypto economy here.
Singapore continues to issue in-principal approvals for crypto players despite market volatility with about 15 firms having received such permits and launched the licensing regime in 2019.
