Coinbase Receives Preliminary Government Approval to Provide Cryptocurrency Services in Singapore

After getting the green light in Singapore, Coinbase joined the small group of cryptocurrency exchanges that have passed the MAS’s complex and strict licensing process. 

Sopnendu Mohanty, MAS’s Chief Fintech Officer, told the Financial Times that the agency had instituted a “painfully lengthy and rigid licensing process for institutions to prohibit bad behaviour rampant in the crypto sector.” 

Coinbase has been quietly expanding its presence in Singapore by establishing a technical hub and hiring more Web3 experts. 

In Singapore, Coinbase’s venture capital arm has put money into more than fifteen Web3 startups as part of its plan to get more people to use cryptocurrencies. 

Coinbase’s press release not only revealed regulator approval but also stated that CEO and Co-founder Brian Armstrong would be present at a stage event in Singapore alongside MAS’s Chief Fintech Officer. 

According to the statement: 

“We are also excited to confirm that our CEO and co-founder, Brian Armstrong, will be taking the stage at the Singapore Fintech Festival on November 4th, in a fireside chat with Sopnendu Mohanty, the Chief Fintech Officer at MAS.” 

Singapore has emerged as a major centre for international banking and financial services in recent years. 

A growing number of financial technology firms are interested in learning more about the cryptocurrency market and potentially investing in some of the sector’s digital assets. 

The MAS had already granted crypto.com in-principle approval before granting the same to Coinbase.

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