YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Coinbase Secures Regulatory Approval in Singapore

October 12, 2022
in Crypto News
Reading Time: 2 mins read
A A
Coinbase Expands Into Australia with Two New Services
ShareShareShareShareShare

Coinbase has secured regulatory approval from Singapore’s central bank to provide payment services in the country.

Cryptocurrency exchange Coinbase announced in a blog that it has received regulatory approval from Singapore’s central bank, the Monetary Authority of Singapore (MAS), to provide payment services in the country. Including now for Coinbase, the MAS has awarded 17 in-principle approval and licenses for DPT platforms under the Payment Services Act. In a statement, Coinbase called this moment a “significant milestone” and said that it has been building its presence in Singapore and now has nearly 100 employees, with product engineers making up the bulk of the hires. In its blogpost, Coinbase said:

Singapore has a long history of embracing innovation and positioning itself at the forefront of the financial and technological revolution. We look forward to ongoing collaboration with the government on a pragmatic regulatory framework for digital assets, to empowering local and regional builders as they scale use cases, and to continue supporting efforts to consolidate the island state’s position as a global Web3 hub. 

The in-principle approval allows Coinbase to offer regulated digital payment token products and services, which are regulated under Singapore’s Payment Service Act. Not all firms who applied to receive regulatory approval have been successful in their efforts. Along with Coinbase, Crypto.com and DBS Vickers – the brokerage run by the country’s largest bank DBS – are among those that have received licenses. Others include Luno and Paxos. Binance Singapore withdrew its application for a license to operate in the country in February 2022, and over 100 of the around 170 businesses that have applied to the MAS for regulatory approval to offer digital payment services have been denied.

Many firms have complained that the process of obtaining a regulatory license in Singapore is too hard, but the MAS has said that it will remain “unrelentingly hard” on cryptocurrencies as a regulator. In addition to being a scrupulous regulator, Coinbase and other crypto firms won’t be able to advertise their services in the country. In early 2022, the MAS released guidelines banning crypto platforms from promoting their services to the public on TV advertisements, but are allowed to advertise on their websites and social media accounts.

Coinbase on Tuesday announced that it entered into a partnership with Google to allow a select set of Google’s customers to pay for Cloud services using cryptocurrencies such as bitcoin and Ether.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Credit: Source link

You might also like

NFT Collection Turf Plots Price, Stats, and Review

NFT Collection Turf Plots Price, Stats, and Review

January 28, 2023
Alfa Romeo taps crypto casino Stake as F1 Team title sponsor

Alfa Romeo taps crypto casino Stake as F1 Team title sponsor

January 28, 2023

Related Stories

NFT Collection Turf Plots Price, Stats, and Review
Crypto News

NFT Collection Turf Plots Price, Stats, and Review

January 28, 2023
Alfa Romeo taps crypto casino Stake as F1 Team title sponsor
Crypto News

Alfa Romeo taps crypto casino Stake as F1 Team title sponsor

January 28, 2023
Despite Recent Market Revival, These Crypto Companies Dismissed More Employees
Crypto News

Despite Recent Market Revival, These Crypto Companies Dismissed More Employees

January 28, 2023
Mashida (MSHD) Is Now Available on LBank Exchange
Crypto News

Mashida (MSHD) Is Now Available on LBank Exchange

January 28, 2023
Next Post
Arbitrium’s Offchain Labs acquires leading Ethereum client

Arbitrium's Offchain Labs acquires leading Ethereum client

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Immutable Holdings Provides Update on Coffee and Crypto Daily Newsletter and Launches Accompanying Podcast

January 25, 2023
Why Did The Cardano Blockchain Fail Last Weekend? –

Why Did The Cardano Blockchain Fail Last Weekend? –

January 25, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,002.00 0.29%
    • ethereumEthereum (ETH) $ 1,567.54 1.7%
    • tetherTether (USDT) $ 1.00 0.09%
    • usd-coinUSD Coin (USDC) $ 0.999801 0.01%
    • bnbBNB (BNB) $ 305.22 0.75%
    • xrpXRP (XRP) $ 0.409122 0.73%
    • binance-usdBinance USD (BUSD) $ 0.999877 0.03%
    • cardanoCardano (ADA) $ 0.381563 1.42%
    • dogecoinDogecoin (DOGE) $ 0.087717 0.47%
    • matic-networkPolygon (MATIC) $ 1.14 1.28%
    • okbOKB (OKB) $ 38.80 6.99%
    • solanaSolana (SOL) $ 23.93 1.14%
    • staked-etherLido Staked Ether (STETH) $ 1,564.29 1.69%
    • polkadotPolkadot (DOT) $ 6.36 2.53%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 0.38%
    • avalanche-2Avalanche (AVAX) $ 20.52 2.58%
    • litecoinLitecoin (LTC) $ 88.47 0.6%
    • tronTRON (TRX) $ 0.063010 0.8%
    • daiDai (DAI) $ 0.999922 0.01%
    • uniswapUniswap (UNI) $ 6.58 3.93%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 22,953.00 0.1%
    • cosmosCosmos Hub (ATOM) $ 13.10 1.27%
    • the-open-networkToncoin (TON) $ 2.50 1.22%
    • chainlinkChainlink (LINK) $ 7.17 2.24%
    • leo-tokenLEO Token (LEO) $ 3.76 1.99%
    • moneroMonero (XMR) $ 185.03 3.13%
    • ethereum-classicEthereum Classic (ETC) $ 21.61 1.33%
    • aptosAptos (APT) $ 18.02 1.25%
    • bitcoin-cashBitcoin Cash (BCH) $ 131.41 2.18%
    • stellarStellar (XLM) $ 0.092045 0.4%
    • apecoinApeCoin (APE) $ 6.00 3.83%
    • quant-networkQuant (QNT) $ 149.00 1.71%
    • nearNEAR Protocol (NEAR) $ 2.46 2.82%
    • crypto-com-chainCronos (CRO) $ 0.081082 0.03%
    • filecoinFilecoin (FIL) $ 5.23 2.89%
    • lido-daoLido DAO (LDO) $ 2.23 7.01%
    • algorandAlgorand (ALGO) $ 0.255434 1.04%
    • vechainVeChain (VET) $ 0.024068 3.25%
    • internet-computerInternet Computer (ICP) $ 6.00 0.47%
    • hedera-hashgraphHedera (HBAR) $ 0.066880 4.36%
    • axie-infinityAxie Infinity (AXS) $ 11.33 1.31%
    • decentralandDecentraland (MANA) $ 0.695258 2.58%
    • aaveAave (AAVE) $ 83.72 3.36%
    • eosEOS (EOS) $ 1.09 2.2%
    • the-sandboxThe Sandbox (SAND) $ 0.738534 0.33%
    • fantomFantom (FTM) $ 0.447387 3.95%
    • elrond-erd-2MultiversX (EGLD) $ 44.31 0.89%
    • flowFlow (FLOW) $ 1.05 2.23%
    • theta-tokenTheta Network (THETA) $ 1.07 4.23%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000173 0.68%