Coinbase, a cryptocurrency exchange, has received a Major Payment Institution license from the Monetary Authority of Singapore, following in-principle approval in late 2017. The move comes amid a legal battle with US regulators, who filed a lawsuit against Coinbase in June for acting as an unregistered broker and exchange. The license will allow Coinbase's Singapore subsidiary to offer a wider range of Digital Payment Token services, strengthen ties with local institutions, and introduce fee-free purchases of USDC, stablecoin, PayNow, and FAST bank transfers.
The operator of a cryptocurrency exchange, Coinbase, received a crucial regulatory licence in Singapore. An announcement made today states that the company received a Major Payment Institution licence from the Monetary Authority of Singapore after receiving in-principle approval in late 2017.
The announcement comes as Coinbase, which is based in the US, is embroiled in a contentious legal battle with American regulators. In June, the U.S. Securities and Exchange Commission filed a lawsuit against the business on the grounds that it was breaking federal securities laws by acting as an unregistered broker and exchange.
This licence formalises our dedication to the industry and brings an end to our licencing process, according to Hassan Ahmed, the national director of Coinbase Singapore.
"In some ways, what's happening in the United States contrasts with our experience in Singapore. This level of regulatory clarity and the establishment of clear guidelines that the sector must abide by are crucial to us as we consider our global strategy. He continued by saying that Coinbase worked closely with MAS and contributed "a lot of policy input."
The licence sets the way for Coinbase's Singapore subsidiary to offer a greater range of Digital Payment Token services to both retail and institutional customers in the region while also strengthening its ties with local institutions. Its local banking affiliate is Standard Chartered.
By introducing fee-free purchases of USDC, the stablecoin, as well as PayNow and FAST bank transfers, the company claimed it had adapted its offerings to fit local expectations.
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