Connect with us

Hi, what are you looking for?

Crypto

Crypto exchange Coinbase gets Singapore payments licence

On Monday, the Singapore branch of cryptocurrency exchange Coinbase (COIN.O) announced that it had successfully received a Major Payment Institution (MPI) license from the central bank of the city-state.

The Monetary Authority of Singapore (MAS) has agreed to provide a license enabling the biggest cryptocurrency exchange in the United States to provide services related to digital payment tokens to persons and institutions in Singapore.

In October of the previous year, Coinbase received its initial clearance, making it the world’s largest listed cryptocurrency exchange.

In recent years, Singapore has developed into a cryptocurrency center in Asia, drawing companies dealing in digital assets from various Asian nations like China and India. According to poll results, 32% of Singaporeans either currently possess cryptocurrency or have done so in the past. Coinbase referred to Singapore as a “vital market” for the firm.

The Monetary Authority of Singapore (MAS), which serves as both Singapore’s central bank and financial regulator, announced in a statement published on its website one month ago that it would only issue licenses to cryptocurrency businesses if such businesses have strong anti-money laundering procedures, adding that “most applicants have not been successful” in obtaining a license.

At a time when retail investors appear to be “irrationally oblivious” about the dangers associated with trading cryptocurrencies, the MAS said in August that it intended to roll out laws that would make it more difficult for retail investors to trade cryptocurrencies. These measures will make it more difficult for retail investors to trade cryptocurrencies.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.
SUBSCRIBE

You May Also Like

TECH

Here’s a concise excerpt summarizing Razer’s HyperFlux V2 announcement based on the article: --- **Excerpt from Razer’s Press Release:** *Razer elevates wireless gaming with...

News

**Excerpt:** *SpaceX has unveiled its rugged new **Starlink Performance dish**, a high-speed, ultra-durable satellite internet terminal designed for businesses and extreme environments. Priced at...

GAMING

**Excerpt:** *Nintendo is shattering tradition with *Mario Kart World*, the upcoming Switch 2 launch title that defies logic by letting players race as a...

AI

Here’s a compelling excerpt from the article that captures its key themes and conflict: --- **Excerpt:** *"Tech titan Elon Musk has stunned Washington by...

SUBSCRIBE

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.