The Monetary Authority of Singapore (MAS) has granted Singapore-based arm of the cryptocurrency exchange Coinbase “in-principle approval” to provide crypto services in Singapore.
The MAS had granted the U.S crypto exchange an initial exemption to provide services prior to the approval.
Singapore is a major Asian market for the exchange as businesses there continuing to get exposed to crypto.
Coinbase is also working with local Web3 community groups such as the Association of Crypto Currency Enterprises and Start-ups Singapore (ACCESS) and the Singapore Fintech Association (SFA).
Coinbase has also targeted expansion in the Asia-Pacific region. In August 2021, the exchange established a local entity in Japan. In October 5 of the same year, its retail focused services also expanded into Australia.