Coinbase beats out other firms to provide crypto services
Coinbase joins Singapore
Regulatory approval has been granted to Coinbase from Singapore’s Money Authority, the central bank and financial watchdog of Singapore. The approval grants Coinbase the ability to provide payment services to citizens of the country that use crypto.
The approval is in-principle which will allow Coinbase to offer digital payment token products and services that are regulated under the Payment Services Act of Singapore. Coinbase is not new to Singapore as the company launched a tech hub in Singapore in November of 2021 with currently 100 employees at the site.
Coinbase was able to beat out other firms that applied for regulatory approval in the country making it one of a very small community that has achieved in-principle approval, this includes Crypto.com, Luno, and Paxos. Binance is not in the country as the company withdrew its application to operate in Singapore back in February of 2022. There are more than 100 of the 170 crypto businesses that have applied for licenses from the MAS to have been denied.
Despite winning the approval there is no resting on their laurels. Coinbase will undoubtedly be under strict watch. The managing director of the MAS Revi Menon has gone on record to state the central bank would consider “further measures to reduce consumer harm” and has stated that cryptocurrencies do not currently represent “ a viable form of money or investment asset”. This may be in reference to the volatility of the asset. Coinbase also will not be able to advertise in Singapore as there were guidelines released at the beginning of 2022 that banned crypto services from promoting their services to the general public. This does not forbid them from promoting on their own websites and social media accounts, instead, it is against billboards, buses, tv ads, and the such.