EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Singapore License Issued To Coinbase

Admin by Admin
October 11, 2022
in Crypto News
0
Ark Invest Bets On Coinbase Stock Despite Its Underperformance
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
MMC MMC

Coinbase, the largest crypto exchange in the United States, said it has received approval from Singapore’s central bank to offer payment services in the city-state.

The in-principle approval, which the central bank started giving out to crypto firms last year, means individuals and institutions can use digital payment token services. The firms are regulated by the central bank under its Payment Services Act.

 Coinbase said in a statement that it has been building up its presence in Singapore and currently had nearly 100 employees in the Southeast Asian state, with product engineers forming the largest bulk of hires.

Singapore could be seen as a market and a global hub for web3 innovation.

About 180 crypto companies applied for a crypto payments licence to the Monetary Authority of Singapore in 2020 under a new regime. Singapore has handed out 17 in-principle approvals and licences after an elaborate due diligence process that is still ongoing.

The brokeage run by Singapore’s largest bank DBS. are among those that have received licenses.Besides Coinbase, Crypto.com and DBS Vickers.

Singapore’s welcoming approach has helped the financial hub attract digital asset services-related firms from China, India and elsewhere in the last few years, making it a major centre in Asia.

However, there have also been quite a few cases of crypto fall-outs taking place in the city state. Singapore-based crypto hedge fund Three Arrows Capital began liquidation in June after it was unable to meet hundreds of millions of dollars in obligations.

The hedge fund had taken a hit from the collapse of cryptocurrencies Luna and TerraUSD in May. Both coins were developed by Terraform Labs, which was incorporated in Singapore. Terraform Lab’s founder Do Kwon is currently wanted by the South Korean police.

The chief of the MAS has, however, sought to distance Singapore from these firms and said in July that companies like Three Arrows and Terraform Labs were “so-called Singapore-based” firms that had “little to do” with the city state’s crypto regulations.

Singapore plans to roll out new regulations that will make it more difficult for retail investors to trade cryptocurrencies.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: coinbaseCrypto
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

Crypto Firm Launches First Data-Protecting Stablecoin

Next Post

Binance Breaks Guinness Record by Hosting World’s Largest Crypto Class

Admin

Admin

Next Post
Binance and Guinness records

Binance Breaks Guinness Record by Hosting World’s Largest Crypto Class

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
USDD Depegs

USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped

December 12, 2022
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0
What is Defi?

Defi (Decentralized Finance)

0
Differences between Axie Infinity and Decentraland

Axie Infinity and Decentraland: Features and Differences

0
What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023
Tesla Lost Millions In Crypto

Tesla Lost Millions In Crypto

February 1, 2023
UK Treasury Publishes Crypto Framework Paper

UK Treasury Publishes Crypto Framework Paper

February 1, 2023

Recent News

What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023
Tesla Lost Millions In Crypto

Tesla Lost Millions In Crypto

February 1, 2023
UK Treasury Publishes Crypto Framework Paper

UK Treasury Publishes Crypto Framework Paper

February 1, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Reviews
  • Stocks

Recent News

What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>