Coinbase Secures Regulatory Approval in Singapore 

Coinbase Secures Regulatory Approval in Singapore 

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In quest for global expansion plans, Brian Armstrong’s Coinbase announced its expansion to Singapore on Tuesday after securing a digital payment token services license from Singapore’s central bank.

Cryptocurrency firms in Singapore are regulated by the Singapore central bank, the recent Coinbase approval is in line with the payment Services Act and enables Coinbase to offer crypto payment services to Singapore citizens.

Hassan Ahmed, Coinbase’s regional director for Southeast Asia says Hassan Ahmed, Coinbase’s regional director for Southeast Asia said Singapore holds strategic importance for Coinbase’s plan of expansion.

“This is a significant milestone. We see Singapore as a strategic market and a global hub for Web3 innovation.” said Ahmed.

Singapore is one of the leading countries that provide an enabling environment for crypto firms to thrive, several South East Asia crypto firms have shifted their base to the country following a crypto crackdown in some countries in the region.

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Coinbase is Expanding Globally

Coinbase’s crypto license in Singapore is one more step to its global expansion plans this year, even though the firm has been struggling recently to keep its head afloat due to the current crypto crash, but in global expansion plans, the current market conditions seems like an opportunity for Coinbase, this year alone, Coinbase has expanded to Italy and Australia.

Coinbase is already providing virtual asset services in up to 40 countries in Europe, and in pursuit of its global and European expansion plans this year, Coinbase is reportedly seeking operation licenses in countries like France, the Netherlands, Spain and so on.

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