Crypto exchange Coinbase gets regulatory approval in Singapore

Singapore has granted Coinbase regulatory approval to run cryptocurrency-related services in the island state. It is a big win for Coinbase as it continues to expand internationally despite continued pressure on the crypto market.

The company said on Tuesday that it had received a key regulatory license in Singapore.

The Monetary Authority of Singapore granted an in-principle approval to provide regulated digital token products and services for the island state.

The market has been under pressure as of late. Around $2 trillion has been wiped off the value of the market due to the decline of major token like ether.

The industry has been affected by the collapse of major projects. The company laid off 18% of its workforce in June.

The U.S. exchange is looking to hire people in new European markets.

The company has made investments in Singapore. One of its tech development hubs will be in Singapore. The island state is where the business for institutional investors in the Asia- Pacific region is located.

The in-principle approval from the MAS is an important step as we plan to launch our full suite of retail, institutional and ecosystems products.

As Singapore looks to build its reputation as a regulated global hub for thecryptocurrencies industry, the MAS has given approval to 15 different firms.

While the central banks has warned about the speculative risks of cryptocurrencies, it is still trying to attract businesses to set up shop in Singapore.