Coinbase Beats Out Binance, Lands Regulatory Approval in Singapore
Coinbase has received regulatory approval from Singapore’s central bank and financial watchdog, the Monetary Authority of Singapore (MAS), to provide payment services in the country. The in-principle approval will allow them to offer regulated digital payment token products and services, regulated under Singapore’s Payment Services Act.
The news comes after Coinbase first launched a tech hub in the South East Asian country in November 2021. The firm currently has around 100 employees in the country, mostly comprised of product engineers. Not all the major crypto firms who applied have managed to successfully gain regulatory approval in Singapore, and Coinbase joins the relatively small number who have achieved in-principle approval in the country, including Crypto.com, Luno, and Paxos.
