Coinbase Inc. (NASDAQ: NASDAQ:COIN) said on Monday that it obtained “in-principle approval” to provide cryptocurrency services in Singapore from the Monetary Authority of Singapore.
“This license will allow us to offer regulated Digital Payment Token products and services in the island state,” Coinbase said in a statement.
The exchange said it has been "quietly increasing" its presence in the country, after announcing Singapore as a tech hub for Coinbase in 2021. “We have since continued to hire and train product managers and engineers on Web3 technologies,” it said.
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Coinbase Ventures, the team leading the company’s venture arm, has invested in over 15 Singapore-based Web3 startups in the past three years and established a local team to drive investment activity in the Asia-Pacific region.
The exchange said it was also undertaking ongoing work with local Web3 community groups such as the Association of Cryptocurrency Enterprises and Start-ups Singapore and the Singapore Fintech Association.
Coinbase's cryptocurrency exchange platform enables users to trade and hold coins such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Price Action: Coinbase shares traded 0.4% lower in the after-hours session on Monday after closing the regular session nearly unchanged at $67.04, according to data from Benzinga Pro.
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