Crypto exchange Coinbase gets regulatory approval in Singapore

U.S. cryptocurrency exchange Coinbase received a key regulatory license in Singapore as it ramps up expansion overseas, the company said on Tuesday.
The Monetary Authority of Singapore (MAS), the country’s central bank, granted Coinbase an in-principle approval to provide regulated digital token products and services in the island state.
Coinbase’s regulatory approval comes as the crypto market continues to remain under pressure.

Coinbase has been making steady investments in Singapore. Last year, the company announced that Singapore will one of its tech development hub. The island state is also the hub for Coinbase’s business focused on institutional investors in the Asia-Pacific region.
“Gaining this in-principle approval from MAS is an important step, as we plan to launch our full suite of retail, institutional and ecosystem products,” Coinbase said in a blog post on Tuesday.
MAS has given such approvals to 15 different firms as Singapore looks to build its reputation as a regulated global hub for the cryptocurrency industry.