Coinbase secures Singapore payment-services license

Singapore’s financial regulator has granted Coinbase, the American cryptocurrency exchange, a license to provide payment services.

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Thus, Coinbase will continue its planned expansion in the Asia-Pacific region.

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“We view Singapore as a strategic market for institutional clients,” said Hasan Ahmed, the head of the local unit.

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He also named Indonesia, Vietnam, Australia and Japan among attractive markets.

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According to Ahmed, Coinbase has about 100 employees in Singapore. Coinbase CEO Brian Armstrong has prioritized international growth after a reduction of almost a fifth of the company’s staff, as well as a drop in revenue and trading volume in the second quarter of 2022.

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Singapore has steadily developed its digital-asset ecosystem and is becoming one of the key Asian hubs for the industry. Overall, according to Bloomberg, fifteen cryptocurrency companies have obtained permits in the jurisdiction since 2019.

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Last week, India’s Zebpay filed an application with the Monetary Authority of Singapore for a license.

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