Coinbase has announced that its Singapore-based branch has been awarded an in-principle license to operate across the country. The license was awarded to the exchange through the regulatory body, the Monetary Authority of Singapore, and its premier bank. The license will also see the digital asset exchange provide various crypto-related services to residents in the country who are in tune with digital assets. New users will also be onboarded on the platform as the exchange seeks to increase its user base.
The firm wants to establish its footprint in Singapore
In an interview with the CEO of the exchange in Singapore, Hassan Ahmed, he mentioned that getting this license in the country was a strategic step for the company. He noted that Singapore stands as the key market driver across Asia. This is because the country and businesses across the country are showing an interest in digital assets. Singapore also doubles as the tech hub of Coinbase.
The firm has a team of engineers working on making the spot its locality to foster international adoption and increase the number of locals on its platform. The company had previously offered its services under the umbrella of a license exemption that the MAS approved. However, the CEO said there are plans to work with platforms across the country to provide seamless services.
Coinbase eyes other Asian countries
Coinbase also said it is already in touch with several crypto-focused communities in the country to help expand its reach. Some of them include ACCESS and the SFA, which are focused on expanding crypto services to the core areas of the country. The CEO also mentioned that there have been working with regulators to ensure that the industry gets reasonable and fair laws for the crypto sector. It also wants to provide a table for discussion among regulators to develop friendly laws for the companies and individuals using the crypto industry.
Ahmed also said that the company is talking to some other groups to ensure that members get enough guidance to achieve their aims of working in the crypto sector. Coinbase has been pushing an expansion in Asia for a long time, coming with its earlier news about Japan and Australia. Ahmed mentioned that the crypto market in Asia looks like a good opportunity for the company to pitch its tent because it is just gradually coming up. The firm has also highlighted the Philippines and Vietnam as the likely locations for its next focus, as they have a wide range of users focused on gaming in the Web3 ecosystem.
