Coinbase now has the legal right to extend its range of services related to digital payment tokens into this market.
Coinbase, a leading digital currency trading platform, has been awarded a significant license by the Singaporean government.
Following in-principle approval late last year, the Monetary Authority of Singapore has now issued the business a Major Payment Institution license, as announced today.
The announcement comes as Coinbase is in the midst of a heated legal battle with authorities in its native market of the United States. In June, the companies was sued by the U.S. Securities and Exchange Commission for reportedly breaking federal securities laws by acting as an illegal dealer and exchange.
“This license solidifies our dedication to the market and represents the end of our licensing journey,” Coinbase Singapore’s country head, Hassan Ahmed, declared in an interview.
“Our time in Singapore has been quite different from what is happening in the U.S. This degree of regulatory certainty, together with the establishment of explicit norms by which the sector must abide, is crucial to us as we plan our worldwide expansion.”
He continued by saying that Coinbase and MAS had worked closely together, with Coinbase offering “a lot of policy input.”
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