Coinbase is one of the first big exchanges in the world to get a crypto license from MAS. The company announced on March 4 that it had applied for its license in February, and has now gained approval from the country’s financial regulator. This means Coinbase will be able to legally operate as an exchange in Singapore, but also that it can expand its offerings beyond just crypto-to-crypto trading.
The license also helps legitimize many other companies operating in Singapore and Asia, as it allows them to follow suit with their own regulatory requirements. Coinbase has already stated that they plan on expanding their business into Asia, so this move shows how serious they are about getting involved with this market and gaining access to new markets within the region.
he new license will allow Coinbase to expand their operations in Asia and provide more services to users there. The company claims that it has been working with MAS since July 2018, when it first applied for the regulatory approval.
Coinbase Will Now Operate In Singapore
The crypto comapny CEO Zeeshan Feroz said: “We are committed to building out our presence across Asia and look forward to servicing our customers there in the months ahead.”
The company is making more moves in Asia. The San Francisco-based cryptocurrency exchange has been granted a crypto license by the Monetary Authority of Singapore (MAS), which is one of the most sophisticated financial authorities in Asia. Coinbase will now launch its new international office in Singapore and will have access to a range of products and services that are currently unavailable to U.S.-based customers, including support for fiat currencies such as the Singapore dollar (SGD) and Malaysian ringgit (MYR).
The company has been making several moves into Asian markets recently, with plans announced earlier this year for launches in Japan and Korea later this year or early 2020 respectively. In addition, the company also acquired ePayments last month as part of its push into payments processing globally – another area where it sees huge potential growth opportunity going forward since so many merchants still use cash payment methods rather than digital ones.”