Coinbase has been granted a license to operate in Singapore, which will let it offer crypto products and services in the country.
The Monetary Authority of Singapore (MAS) has granted crypto exchange Coinbase a license to operate in the country, according to a post published by the exchange on Oct. 10. The exchange received an In-Principle Approval as a Major Payments Institution license holder from the regulator, which allows it to offer regulated crypto products and services in the country.
Coinbase joins the likes of Crypto.com, which recently received this license. There are currently roughly 15 firms that have the license to operate as digital assets service providers in the country.
Anchorage Digital announced that it would be working with Singapore’s FBG Capital to expand into the market. Meanwhile, Singapore’s largest bank, DBS, opened up crypto trading to accredited investors. Zebpay, an exchange based in India, is now looking for a license in Singapore after the country’s harsh tax policy has affected business.
Coinbase also revealed that CEO Brian Armstrong would be present at the Singapore Fintech Festival on Nov. 4 and will speak to Sopnendu Mohanty, the Chief Fintech Officer at MAS. Armstrong also conducted an AMA recently, discussing Coinbase’s plans in Australia, where it is also making inroads.
Regulators in Singapore getting more involved
The crypto landscape in Singapore has largely been welcoming, though things have been taking a more strict approach lately. The country’s regulators have been taking more steps to curb the market, but it also aims to be a hub for crypto and blockchain innovation. Businesses, on the other hand, can benefit from low tax rates.
Mohanty stated that crypto companies that encourage speculation would be dealt with it harshly. He believes that the risk should be adequately communicated. Singapore does not plan to ban retail trading, but authorities also see that there are unregulated crypto activities and sometimes even illegal ones functioning.
3AC liquidators now probing local assets of hedge fund
Meanwhile, liquidators of the bankrupt crypto hedge fund Three Arrows Capital (3AC) have been allowed to probe the local assets of the defunct crypto hedge fund, according to a court order. With this, the court legally recognizes the liquidation order in the British Virgin Islands.
3AC has been accused of exceeding its assets threshold and providing false information by the MAS. It said that the hedge fund did not provide information on changes to directors and shareholdings quickly enough.
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