Coinbase has received In-Principle Approval to act as a Major Payment Institution and offer regulated Digital Payment Token services & products. The In-Principle Approval has been granted by the Monetary Authority of Singapore, allowing the venture to strengthen the fintech position of Singapore. The IPA approval enables Coinbase to embark on its adventure of developing a versatile, powerful resource base for surviving through its Fintech Revolution.
Coinbase shares the update through an official blog post on its website. It also informed the community members that Brian Armstrong, the Chief Executive Officer & Co-Founder of Coinbase, will participate in the Singapore Fintech Festival. The event is scheduled to happen on November 04, 2022.
Brian Armstrong will be joined on the stage by Sopnendu Mohanty, the Chief Fintech Officer at the Monetary Authority of Singapore.
However, before receiving the In-Principle Approval, it has been trying to increase its presence on the island through various initiatives. One such initiative came in the previous year when Coinbase announced Singapore as the tech hub for its platform. Since then, the platform has hired and trained many managers on the technologies of the Web3 sphere. Coinbase Ventures has also done its part by investing in 15+ Web3 startups in the past three years. Coinbase is operating in the region through crucial partnerships with local groups like:
- Singapore Fintech Association
- ACCESS
- advisory. sg
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The objective is to establish a thriving local ecosystem in Singapore. Coinbase now looks to continue working with such groups in the coming days.
Singapore is a major location that aims to serve platforms like Coinbase in the best possible manner. Singapore ranks third in terms of the top financial centers in the world. It follows New York and London for the third position on the list.
Singapore has truly embraced innovation. For instance, many banks, companies, and trading firms have been signaling their interest in investing in digital assets. Coinbase, with its recent announcement, unlocks capabilities for them and strengthens its commitment to making Singapore a regional hub in the industry.
Growth is critical to the objectives of Coinbase. According to various Coinbase reviews, the platform looks to expand and serve only if all the relevant regulations are met. It also looks to collaborate with the Government to draft regulations related to digital assets and empowering regional & local builders.
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As it continues with its crypto economy journey, Singapore continues to be one of the most crucial epicenters for Coinbase. Being a developer’s platform, Coinbase offers developers a chance to build APIs to record real-time data and historical price information of cryptocurrencies that Coinbase supports.
