Leading cryptocurrency exchange Coinbase announced that the Monetary Authority of Singapore has granted it the Major Payment Institution licence. The authority had granted an in-principle approval last year.
The development comes at a time when Coinbase is embroiled in a long-drawn dispute with the Securities Exchange Commission of the US, which is its home turf. Earlier in June, the SEC had filed a lawsuit against Coinbase and accused it of operating as an unregistered broker and exchange in the country. Coinbase is among the most popular crypto exchanges in the world and a reliable source for updates about live cryptocurrency prices.
Coinbase’s country director for Singapore Hassan Ahmed said the licence represents the exchange’s commitment to the markets. Ahmed also said Coinbase’s experience with Singapore authority has been in contrast with that of the US. He lauded Singapore authorities for providing regulatory clarity and clearing the air about industry rules. He added that Coinbase has collaborated with the monetary authority closely and offered “policy input”.
In the recent past, Singapore has been making rapid strides to emerge as a crypto-friendly hub. However, over the past year, its crypto-friendly stance had to go through its share of crises – especially in the case of crypto outfits like Three Arrow Capital, Hodlnaut, and Vauld. Earlier, Su Zhu, Three Arrows’ co-founder, was apprehended in Singapore as he refused to cooperate with the hedge fund’s liquidators.
However, the Monetary Authority of Singapore has been undeterred by such crises and has been going ahead to entertain licence applications. Coinbase joins the league of around a dozen crypto operators functional in the region with full licences. Earlier this year, the authority had also granted licences to Blockchain.com and Crypto.com.
Analysts are closely monitoring the performance of the Top 10 cryptocurrencies to gauge how the move impacts their prospects in the region.
Earlier in March, crypto exchange Binance’s custody arm Ceffu had announced its plans to apply for a licence that would allow it to roll out payment services in Singapore. Ceffu’s Vice-President Athena Yu had stated the company would submit a formal application once all relevant amendments to Singapore’s Payment Services Act are live and the application for custody licence opens up.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
