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Singapore Grants Coinbase Digital Payment License and Kraken is Set List Stocks on Its Platform

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Coinbase is set to offer digital payment services to institutions and individuals in Singapore following MAS approval.

This means Coinbase has met the Singaporean anti-money laundering requirements to be licensed.

Again, Kraken is set to list US stocks in its trading platform for users.

Coinbase Receives Payment License from MAS

In a recent report,  Coinbase Global Inc., one of the globally renowned crypto exchanges, has obtained another business license in Singapore.

In the October 2, 2023 report, the Monetary Authority of Singapore (MAS) granted the exchange firm a Main Payment Institution (MPI) license.

READ ALSO:100 Ways to Make Money as a Kid, Teenager, or Youth.

This emerged following the initial approval Singapore granted Coinbase, one of the world’s biggest crypto exchanges, in October 2022.

The license demonstrates the company’s commitment to the Singapore market and its dedication to providing individuals with Digital Payment tokens (DPT) services.

Not only that, but also to institutions throughout the regions of the Southeast Asian country.

Coinbase has tailored its services to the region, better-adding features such as FAST bank transfers and PayNow to the territory.

Again, it also integrated SingPass for an easier onboarding process and enabled Singaporean customers to purchase USDC.

With this, they can easily purchase the stablecoin with SGD, Singapore Dollar with zero fees. This will foster crypto transactions in the country.

In addition to offering products, Coinbase has been actively involved in the Web3 ecosystem in Singapore through training and hiring.

Moreover, it also partners with industry associations to enhance the Web3 ecosystem in the territory.

According to the report, Coinbase Ventures has invested more than 15 times in the region.

This development aligns with the company’s overall strategy to expand its services abroad.

Interestingly, this strategy has enabled it to gain VASP registration in multiple European countries in the past year.

Kraken Set to Allow Trading of US-listed Stocks

A report shows that Kraken is set to launch trading in US-traded stocks and ETFs for the first time in its 12-year history.

The company will initially launch trading in the US and Britain through a new division, Kraken Securities.

Moreover, Kraken already has the necessary regulatory permits in the UK to launch related services in its trading space.

But recently submitted an application to the US Financial Industry Regulatory Authority (FIRA) for broker-dealer licensing.

According to a source, the crypto company could roll out this new service in 2024.

Kraken is one of the oldest crypto exchanges in the United States.

Established in 2011, it has survived several difficulties that forced some crypto firms out of business.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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