Coinbase receives a Full Trading License in Singapore

04/10/2023 | Categories: News | Published by: BTCGOSU | Last updated: 05/01/2024

Coinbase, one of the big guys among cryptocurrency exchanges, has reached an important milestone with the acquisition of a full trading license in Singapore. This development marks a pivotal moment for Coinbase as it gears up to enhance its digital asset payment offerings within the nation.

Initial Approval Paves the Way

Coinbase had initially received approval for this endeavor in October of the previous year, setting the stage for its pursuit of a more comprehensive presence in the Singaporean crypto market.

The Monetary Authority of Singapore (MAS) Grants MPI License

The Monetary Authority of Singapore (MAS) has granted Coinbase a Major Payment Institution (MPI) license, allowing the exchange to provide digital payment token services to both individual users and institutions across Singapore. This move strengthens Coinbase’s foothold in the region and opens up new opportunities for cryptocurrency enthusiasts and investors alike.

Coinbase and Crypto Gambling

Although Coinbase does not directly partake in crypto gambling activities, its platform indirectly enables users to access cryptocurrencies that are sometimes used for such purposes on other platforms. Cryptocurrencies like Bitcoin and Ethereum, which can be acquired and stored on Coinbase, are occasionally utilized in the broader crypto gambling landscape.

Users can transfer these assets to online casinos or betting platforms that accept cryptocurrencies for wagering. In this context, Coinbase serves as a bridge, granting users the means to acquire and manage digital currencies, some of which may find use in speculative or gaming activities within the wider cryptocurrency industry. Nonetheless, users should exercise caution and comply with local regulations when participating in any form of cryptocurrency-related pursuits, including gambling.

Coinbase’s Expanding Presence in Singapore

Coinbase’s commitment to Singapore extends beyond this achievement, as the exchange looks beyond the United States to diversify its offerings. In May, Coinbase introduced a special offer for its Singaporean customers, enabling them to purchase USDC (USD Coin) with Singapore dollars (SGD) without incurring any fees.

Additionally, Coinbase incentivized users to hold USDC by making USDC order books available for advanced trading and staking for cryptocurrencies like ETH, SOL, ADA, ATOM, and XTZ.

Challenges and Criticisms

It’s worth noting that the Co-founder and CEO of Coinbase, Brian Armstrong, had previously criticized Singapore’s regulatory approach, suggesting that it was not doing enough to fulfill its promise of becoming a cryptocurrency and web3 development and investment hub. He expressed concerns about restrictions on retail trading and self-hosted wallets, contrasting with the country’s aspirations to embrace the web3 space.

Coinbase’s successful attainment of a full trading license in Singapore marks a significant step forward in its global expansion strategy. As the exchange continues to evolve and adapt to regulatory landscapes worldwide, the crypto community eagerly anticipates its future endeavors in Singapore and beyond.