NEWS

Coinbase Outshines Binance and Others to Bag Regulatory Approval in Singapore.

The organization monitoring financial activities in Singapore and the country’s central bank,  Monetary Authority of Singapore (MAS), has granted the US crypto exchange, Coninbase, the approval to provide payment services in the country. 

The in-principle approval will enable them to offer regulated digital payment token products and services, regulated under Singapore’s Payment Services Act.

The news comes after Coinbase first launched a tech hub in the South East Asian country in November 2021. The firm currently has around 100 employees in the country, mostly composed of product engineers.

Among the many major crypto firms who applied, Coinbase joins the few lucky ones who have successfully achieved in-principle approval in the country, including Paxos, Luno and Crypto.com.

Early this year, Binance Singapore withdrew its application for a license to operate in the country. But it hasn’t just been Binance that has been snubbed by Singapore regulators. According to reporting by Nikkei Asia, over 100 of the around 170 businesses that applied to the MAS for licenses to offer digital payment token services were denied.

Despite the recent approval, crypto firms operating in Singapore are likely to continue to be under strict watch.

The managing director of MAS, Ravi Menon said the central bank would see “further measures to reduce consumer harm” when it came to cryptocurrency investment in August 2022.

The executive said cryptocurrencies do not currently represent a 

viable form of money or investment asset

due to their volatility; however, he noted that digital assets have “transformative potential, not unlike securitization 50 years ago.” 

Despite the win, Coinbase still won’t be able to advertise in the country and this is according to the stipulated guidelines of MAS at the beginning of this year, 2022. All crypto platforms were affected by this.

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Yahya Imran is a crypto trader and blockchain content creator. He was a Campus Ambassador for FTX Africa and worked as a video content creator in the content Department of FTX Africa. He is a professional Video Editor and Video animator. He is the founder of Coinsplug.

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