American crypto exchange Coinbase has secured in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to operate as a major payments institution in the country.
The approval enables Coinbase to provide regulated digital payment token (DPT) products and solutions in Singapore.
It has allowed Coinbase to join the list of firms like Crypto.com and DBS Vickers that have received crypto payments licences in the city-state, reported Reuters.
So far, Singapore has given 17 IPAs and licences to DPT platforms. Nearly 180 crypto firms applied for the licence in Singapore last year.
In a statement, Coinbase said: “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.”
Last year, the company revealed that Singapore would be the hub of its tech activities.
Since the announcement, Coinbase has been ramping up its recruitment drive as well as training product managers and engineers on Web3 technologies.
The firm’s venture arm invested in more than 15 Web3 startups in Singapore in the last three years.
In addition, it set up a team in the country to focus on investment in the Asia-Pacific region.
Coinbase added: “Today’s announcement underlines our commitment to Singapore as a regional hub that allows us to unlock new capabilities for Singapore-based institutional and corporate clients in the future.”
At present, the company employs around 100 people in Singapore.