Coinbase’s Singapore branch announced on Monday that it has been granted a Major Payment Institution licence by the central bank of the city-state.
The largest U.S. crypto exchange will be able to provide digital payment token services to individuals and institutions in Singapore thanks to the licence issued by the Monetary Authority of Singapore.
The first approval was given to Coinbase, the biggest publicly traded cryptocurrency exchange, in October of last year.
In recent years, Singapore has established itself as an important crypto hub in Asia, drawing companies dealing in digital assets from nations like China and India.
According to survey data, 32% of Singaporeans either currently possess cryptocurrency or have in the past, which Coinbase described as a “vital market” for the company.
The MAS, which is Singapore’s central bank and financial regulator, stated in a statement on its website last month that “most applicants have not been successful” and that it only provides licences to cryptocurrency firms if they have strong anti-money laundering safeguards.
