Coinbase granted a full license in Singapore. Coinbase, a cryptocurrency exchange operator, was awarded a primary regulatory permit in Singapore. Despite this, Gemini was forced to discontinue its Earn program due to the failure of Genesis and the strain it placed on Coinbase.
According to an announcement today, the Monetary Authority of Singapore has provided the business with a license to operate as a Major Payment Institution. This comes after the authority granted clearance in principle late last year.
In June, the United States Securities and Exchange Commission filed a lawsuit against the company, alleging that it violated federal securities laws by functioning as an unregistered broker and exchange. The case was filed in federal court.
“This license enshrines our commitment to the market and marks the end of our licensing journey,” said Hassan Ahmed, the country director of Coinbase Singapore, in an interview. “This license marks the end of our licensing journey.”
“In some ways, our experience in Singapore contrasts what is occurring in the United States. When we are thinking about our international strategy, it is incredibly vital for us to have this level of regulatory certainty and clear guidelines that the sector needs to go by.
He also mentioned that Coinbase has worked closely with MAS and contributed “a lot of policy input.” The company’s cash was also mentioned. Gemini has reaffirmed its resolve to remain unshakable in its recovery plans and to keep its community updated at every stage of the process, even though the timeline for the settlement of the current legal issue is unknown at the present moment. Gemini has stated that it will keep its community informed at every stage of the process.
Singapore’s stance on crypto
With this license, Coinbase’s Singapore branch can offer a more extensive range of Digital Payment Token services to individual and business customers in the area. It will also strengthen its relationships with institutions in the area. It works with Standard Chartered as a neighbourhood bank.
The company said it had changed its goods to meet local needs by adding easy ways to fund accounts, such as PayNow and FAST bank transfers, and making it possible to buy the stablecoin USDC for free.
Singapore is known as a business hub, so it’s considered pretty crypto-friendly. However, over the past year, problems at Three Arrows Capital, Vauld, and Hodlnaut, all of which have ties to Singapore, have tested the country’s crypto-friendly stance.
But MAS still seems ready to let license applicants go. Coinbase joins about a dozen other crypto businesses that already have full licenses. Over the summer, both Crypto.com and Blockchain.com, two wallet companies, got MPI licenses.
Ahmed said, “I think Singapore is a few steps ahead of some of these other crypto hubs.” “They’ve seen both good and bad people go through it, and now they’re loosening those rules.”
Let’s take a moment to understand what Coinbase is and why it matters before we get into the particulars of Coinbase’s license in Singapore.
Coinbase is one of the most prominent cryptocurrency exchange platforms in the world. It provides customers with a safe and intuitive interface that enables them to buy, sell, and trade various cryptocurrencies, such as Bitcoin, Ethereum, and many others. Coinbase, which has millions of customers worldwide, has been an essential part of the popularity of cryptocurrencies and has helped make them accessible to the general public.
The Significance of a Full License
The Licensing Process
The process of acquiring a complete license in Singapore is not an easy one. The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulatory authority, has several severe rules for cryptocurrency exchanges.
The fact that Coinbase successfully obtained a complete license in Singapore demonstrates the company’s dedication to remaining in compliance with all applicable regulations. It has implemented stringent anti-money laundering (AML) and know your customer (KYC) procedures, which means it has satisfied all relevant standards. This accomplishment inspires confidence in the platform’s user base and paves the way for other cryptocurrency exchanges to follow a similar model in the future.
Implications for the Crypto Industry
The bitcoin business has gained substantial legitimacy due to Coinbase’s acquisition of a full license. It dispels some doubt surrounding the surroundings by demonstrating that well-established cryptocurrency exchanges can meet the highest regulatory standards.
The bitcoin business has gained a substantial amount due to Coinbase’s acquisition of a full license. It dispels some of the doubt surrounding the company by demonstrating that well-established cryptocurrency exchanges can meet the highest regulatory standards.
The Future of Cryptocurrency in Singapore
Establishing a Coinbase location in Singapore paves the path for increased use of cryptocurrencies among the citizens of that country. It can educate users and bring more people into digital currencies because it is a reliable platform.
Because Coinbase is now operating within its boundaries, we can anticipate a rise in investment in blockchain and cryptocurrency-related initiatives. This will further reinforce the city-state’s position as a crypto-friendly jurisdiction.
The bitcoin sector has reached a pivotal point by granting Coinbase’s full license in Singapore. Not only does it demonstrate the exchange’s dedication to regulatory compliance. Because of this new development, Singapore has further solidified its position as a crypto-friendly centre for innovation and investment.