Coinbase International Exchange received regulatory approval from Bermuda’s financial regulator, and Coinbase also registered with the Bank of Spain last week.
Cryptocurrency exchange Coinbase has been granted a payment institution license by the Monetary Authority of Singapore.
The license will enable the exchange to expand its “digital payment token services to individuals and institutions in Singapore,” the company said in a blog post on Monday. Last year, Coinbase received in-principle approval as a holder of a Singaporean payment institution license.
The company said it has been quietly expanding its presence in Singapore. Last year, it established a technology center for Coinbase in the country and hired and trained product managers and engineers working on Web3. Its venture capital arm has also invested in more than 15 Web3 startups in the country over the past three years. Singapore is the center of Coinbase's institutional business in the Asia-Pacific region.
“At Coinbase, we believe thoughtful and practical regulation is a critical element of growth and will ultimately help realize the potential of this financial and technological revolution,” the company said in a blog post.
The company has been expanding internationally and has been targeting countries with clear rules for the crypto industry. Coinbase International Exchange received regulatory approval from Bermuda’s financial regulator, and Coinbase also registered with the Bank of Spain last week.