Cryptocurrency exchange Coinbase has received its approval in principle as a holder of a major payment institution license from the Monetary Authority of Singapore (MAS). This license will allow the company to offer regulated digital payment token products and services in the country.
“Receiving this approval in principle from MAS is an important milestone as we plan to launch our full suite of retail, institutional and ecosystem products. Singapore plays a vital regulatory and commercial role in the APAC region and beyond, and serves as a global talent hub. ; we are excited to continue investing and building for the crypto economy here,” said Nana Murugesan, Vice President of International and Business Development at Coinbase. INTERACTIVE-MARKETING reached out to Coinbase for comment on its marketing plans and potential agency partnerships.
The company has been quietly increasing its presence in Singapore for quite some time now. Last year, he announced Singapore as a technology hub for the company and has since continued to hire and train product managers and engineers on Web3 technologies. The team leading its venture arm, Coinbase Ventures, has invested in more than 15 Singapore-based Web3 startups over the past three years. She has also established a team in Singapore to drive investment activity in the Asia-Pacific region.
A check by INTERACTIVE-MARKETING on LinkedIn found that he is currently seeking positions including Senior Counsel, International (APAC); director/senior executive, director of business operations and strategy, APAC; and Director, Associate General Counsel – International Regulation.
“We look forward to continuing our work with local Web3 community groups such as ACCESS, Singapore Fintech Association and advisor.sg in support of a thriving local ecosystem,” added Murugesan.
He added that Singapore also serves as a hub for Coinbase’s institutional APAC business. As Asia’s largest financial center and the third largest in the world, after New York and London, Singapore is a regional, or in some cases global, hub for a large number of banks, asset managers, funds speculatives, insurance companies, commodity trading firms, corporates and HNWIs, all of which have shown growing interest in investing directly in digital assets,” he explained.
According to him, the latest announcement underscores Coinbase’s commitment to Singapore as a regional hub that allows the company to unlock new capabilities for Singapore-based institutional and enterprise customers in the future. “We look forward to continued collaboration with the government on a pragmatic regulatory framework for digital assets, empowering local and regional builders as they adapt use cases, and continuing to support efforts aimed at cementing the island state’s position as a global Web3 hub,” Murugesan said. said.
According The time of the straits, about 180 crypto companies applied for a crypto payment license from MAS two years ago. The country has since issued 17 approvals and licenses in principle, including Crypto.com and DBS Vickers.
Singapore has sought to become a hub for digital asset business. The KMPG report revealed that the country saw record levels of crypto and blockchain investment with US$1.48 billion traded across 82 deals in 2021, compared to US$109.75 million across 26 deals in 2020. However, Singapore’s reputation took a hit when Binance dropped its app. for a license in Singapore and ceased local operations this year. Meanwhile, Do Kwon, the creator of TerraUSD which is owned by Singapore-based Terraform Labs, is currently being sued in South Korea.
Meanwhile, the MAS said in August that it was considering adding restrictions on retail access to cryptocurrencies. MD Ravi Menon previously explained that consumers seem to be “irrationally oblivious to the risks of cryptocurrency trading” and consumer risks have also caught the attention of regulators around the world. “MAS considers cryptocurrencies to be unsuitable for use as money and very dangerous for retail investors,” he said. MAS also released new guidelines earlier this year, stating that cryptocurrency businesses can only market or advertise on their own corporate websites, mobile apps, or official social media accounts.
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