Coinbase has obtained a license to operate in Singapore, which will allow it to offer crypto products and services in the country.
The Monetary Authority of Singapore (MAS) has granted crypto exchange Coinbase a license to operate in the country, according to a post published by the exchange on October 10. The exchange has received approval in principle as a holder of a major payment institution license from the regulator, allowing it to offer regulated crypto outgrowths and services in the country.
Coinbase joins the likes of Crypto.com, which recently received this license. There are currently around 15 companies licensed to operate as digital asset service providers in the country.
Anchorage Digital has announced that it will work with Singapore’s FBG Capital to grow into the market. Meanwhile, Singapore’s largest bank, DBS, has opened up crypto trading to accredited investors. Zebpay, an India based exchange, is now seeking a license in Singapore after the country’s tough tax policy affected business.
Coinbase also revealed that CEO Brian Armstrong will be attending the Singapore Fintech Festival on November 4 and will speak to Sopnendu Mohanty, the Chief Fintech Officer of MAS. Armstrong also conducted an AMA recently, concerning plans for Coinbase in Australia, where he is also making inroads.
Singapore regulators getting more involved
The crypto landscape in Singapore has been largely welcoming, although things have taken a tougher approach lately. Regulators in the country have taken more action to rein in the market, but it also aims to be a hub for crypto and blockchain innovation. Businesses, on the other hand, can benefit from low tax rates.
Mohanty said crypto companies that encourage speculation will be dealt with severely. He believes that the risk must be adequately communicated. Singapore does not plan to ban retail, but authorities are also finding that there is unregulated and sometimes even illegal crypto activity.
3AC liquidators are now probing the hedge fund’s local assets
Meanwhile, the liquidators of bankrupt crypto hedge fund Three Arrows Capital (3AC) have been allowed to probe the local assets of the defunct crypto hedge fund, according to a court order. With this, the court legally acknowledges the winding up order in the British Virgin Islands.
3AC was accused of exceeding its asset threshold and providing false information by the MAS. He said the hedge fund did not supply information about the director and shareholding changes quickly enough.
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