Coinbase clears regulation in Singapore

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Updated October 12, 2022 | Published October 12, 2022

2 mins read

The popular cryptocurrency exchange has been cleared to launch in the Southeast Asian city-state.

Coinbase has confirmed that it has received the necessary regulatory permits to launch in Singapore.

The exchange has been cleared by the central bank and will be able to offer payment services in the city-state, the company confirmed in a statement.

As a result, Coinbase can provide its services to customers, institutions, and businesses as long as all business conduct adheres to the Payment Services Act.

Coinbase described this approval as a significant milestone and a reflection on the company’s long-term ambition for the market.

Coinbase has been confident in achieving long-term success in Singapore, having hired 100 employees in the state. It has focused on hiring product engineers for the most part.

Coinbase regional director for Southeast Asia Hassan Ahmed welcomed the opportunity and said that Singapore remains one of the most important markets for the company.

Significantly, Singapore is touted as a tech hub for Web 3.0 development and innovation and that is precisely what Coinbase needs to spur further growth in the region and beyond.

Meanwhile, Singapore has been attractive to cryptocurrency and payment companies that engage in crypto, but not all have been able to clear the Monetary Authority of Singapore’s new regulations.

In fact, the regulator has been issuing permits to operate on the city-state’s territory sparingly.

Coinbase has been expanding rapidly, but not without some growing pains. The company is challenged in a $350m lawsuit by Veritaseum Capital LCC, which alleges patent infringement on part of Coinbase.

Previously, the company received approval to go ahead with a launch in the Netherlands.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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