To continue its worldwide expansion strategy, the largest cryptocurrency exchange in the United States, Coinbase, lands a core payment institution license to operate business in Singapore.
Since 2022, the central bank has begun issuing in-principle approval to cryptocurrency companies. Due to this license, institutions and individuals can utilize digital token services.
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Moreover, the central bank regulates the companies according to its Payment Service Act. Today, October 2, the crypto giant Coinbase announced that it has received the approval of its IPA (In-Principle Approval).
In Brief
- Since 2020, under a new regime, up to 180 crypto firms have applied for a cryptocurrency payment license to MAS.
- Despite the number of applicants, Singapore has only dished out 17 in-principle approvals and licenses after much due diligence procedure, which is still ongoing.
- However, Coinbase obtained this license as a Major Payments Institution license holder from MAS (Monetary Authority of Singapore).
- With this latest license, Coinbase can now provide regulated Digital Payment Token services and products within the island.
- In the announcement, Coinbase revealed that the license has been a “remarkable milestone” since it started developing its presence in Singapore.
- Moreover, the crypto giant at present has almost 100 staffers in the Southeast Asian states as well as product engineers who formed the largest number of hires.
What’s Happening In Crypto Today?
At the time of this writing, Bitcoin Price is $28,249.42, with a slight increase in market cap by 4.025 and a higher increase in trading volume by 137.11%.
On the side of Ethereum, its current price is at $1,726.94, with a slight rise in market cap by 2.42% and a higher rise in trading volume by 99.09%.
- Meanwhile, TRON is currently trading at $0.08958, with a slight increase in market cap by 0.74% and an increase in trading volume by 34.30%.
- Right at the moment, Toncoin sells at $2.09, with a drop in market cap by 0.97% and an increase in trading volume by 57.01%
- DAI is presently trading at $0,9996, with a decline in market cap by 0.01% and an increase in trading volume by 45.86%.
- On the side of Polygon, it is presently priced at $0.5647, with a slight increase in market cap by 2.07% and a higher increase in trading volume by 23.98%.
- Whereas Polkadot now sells at $4.24, with a slight increase in market cap by 1.11% and a higher increase in trading volume by 62.11%.