Coinbase Singapore announced today (October 11) that it has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) to provide regulated Digital Payment Token (DPT), otherwise known as cryptocurrency, services in Singapore.
Earlier in June, MAS had awarded IPAs to three other crypto companies, namely Crypto.com, Genesis and Sparrow. This latest IPA makes Coinbase the 15th company to receive such approval.
Securing the IPA after completing a rigorous application process under the Payment Services Act (PSA) marks a significant milestone for the company, allowing individuals and institutions to access DPT services from a MAS-regulated platform.
Coinbase was among the first platforms to offer access to crypto globally, and the first cryptocurrency business on the list of Fortune 500 companies.
Currently, it is the largest cryptocurrency exchange in the United States. In Asia Pacific, its local entities in Japan and Australia are registered with the Japan Financial Services Agency (JFSA) and the Australian Transaction and Reports Analysis Centre (AUSTRAC).
Coinbase strengthens footprint in Singapore
In Singapore, Coinbase has been increasing its presence for some time and announced the city-state as a tech hub last year.
“Since we announced the tech hub, we have grown our R&D team to one-third of our Singapore workforce. Our IPA approval motivates us to keep building cutting-edge Web3 technology in Singapore,” said David Ko, Singapore’s Senior Director of Engineering at Coinbase.
In the past three years, the team leading Coinbase Ventures has also invested in over 15 Singapore-based Web3 startups, and have also established a team in Singapore to drive investment activity in the Asia Pacific region.
Currently, Coinbase has ongoing work with local Web3 community groups such as ACCESS, Singapore Fintech Association, and advisory.sg.
“We are thrilled to have received the IPA from MAS to offer Digital Payment Token services. We see Singapore as a strategic market and a global hub for Web3 innovation,” said Hassan Ahmed, Southeast Asia’s Regional Director at Coinbase and CEO of Coinbase Singapore.
“The MAS is a lighthouse regulator for the region, with a rigorous and pro-business approach that balances responsible innovation and customer protection. This milestone further signals our commitment to advancing the local and regional crypto ecosystem.”
Featured Image Credit: Bitcoin Market Journal