Coinbase

Largest crypto exchange in the United States wins approval to offer payment services in Southeast Asian city-state.

Terraform Lab’s founder Do Kwon is currently wanted by the South Korean police. Coinbase, the largest crypto exchange in the United States, has received approval from Singapore’s central bank to offer payment services in the city-state. The largest crypto exchange in the United States wins approval to offer payment services in Southeast Asian city-state.

Coinbase joins 17 others in receiving in-principle approval from the central bank of Singapore, having held an exemption until now.

[DAS:LONDON](http://daslondon.co/) and hear how the largest TradFi and crypto institutions see the future of crypto’s institutional adoption. Australian exchange Independent Reserve and DBS’s brokerage arm followed shortly after in October of the same year. [operating](https://techcrunch.com/2015/09/02/coinbase-expands-to-singapore) in Singapore since 2015, the Monetary Authority of Singapore (MAS) has now granted Coinbase conditional approval under the Payment Services Act (PSA).

Crypto giant Coinbase will seek expansion in Asia Pacific via Singapore where it has received approval to provide services in the city-state.

«For some time now, we have been quietly increasing our presence in the Lion City,» the statement added. Within Singapore, Coinbase has made a number of investments including hiring and training product managers and engineers on Web3 technologies. The city-state, which was named as Coinbase’s tech hub last year, will also act as a hub for its Asia Pacific institutional business.

Crypto giant Coinbase has claimed that the central bank of Singapore has given its approval to extend payment services in the city-state.

This major law aims to impose regulations on the use of digital assets within the bloc, Decrypt. European Union legislators on Monday approved a new bill on regulating crypto assets, named the Markets in Crypto Assets Regulation (MiCA). Individuals and institutions can now utilise digital payment token services due to the in-principle approval the central bank began granting to cryptocurrency companies last year.

Coinbase has been handed in-principle approval from Singapore regulators to operate fully regulated cryptocurrency services in the country.

[Singaporean regulators](https://financefeeds.com/turquoise-partners-with-singapore-based-m-daq-for-cross-currency-securities-transactions/) have received 180 licence applications from digital asset providers as the country was seen to be crypto-friendly and has been attracting global firms to set up offices here. On the employment side, crypto as an industry is exciting but often confusing, so we are working with career exploration non-profits like advisory.sg to provide guidance to their members.” Less than 20 MPI-licensed firms are approved by the city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), to offer crypto services.

Coinbase has received regulatory approval from Singapore's central bank and financial watchdog, the Monetary Authority of Singapore (MAS), ...

[Binance](/76723/binance-review-can-the-worlds-biggest-exchange-still-cut-it-in-2021) Singapore withdrew its application for a license to operate in the country. The firm currently has around 100 employees in the country, mostly comprised of product engineers. ](https://decrypt.co/104332/in-wake-of-layoffs-and-rescinded-job-offers-coinbase-announces-european-expansion-plan) [banning crypto platforms from promoting their services to the general public](https://www.campaignasia.com/article/crypto-ad-ban-in-singapore-how-have-platforms-changed-their-marketing-strategy/480923), for example on buses on TV advertisements. [when it came to cryptocurrency investment in August 2022](https://www.bis.org/review/r220830d.htm). [launched](https://uk.finance.yahoo.com/news/coinbase-expand-tech-hubs-brazil-150007462.html?guccounter=1) a tech hub in the South East Asian country in November 2021.

SINGAPORE - The biggest cryptocurrency exchange in the United States has received a nod from Singapore's authorities to offer digital asset payment services ...

[crash of stablecoin TerraUSD and sister token Luna](https://www.straitstimes.com/business/companies-markets/cryptocurrencies-crater-as-terra-collapses-with-luna-plunging-95) - created by Terraform Labs - sent the digital asset market into a rout. Terraform Labs is incorporated in Singapore and its founder [Do Kwon, whose location is unknown, is wanted by South Korean police](https://www.straitstimes.com/business/companies-markets/crypto-fugitive-and-terra-founder-do-kwon-set-to-lose-his-south-korean-passport). The firm employs more than 4,900 staff globally. [The regulator previously said it would announce this in October.](https://www.straitstimes.com/business/companies-markets/singapore-faces-new-challenges-in-regulating-crypto) As at the end of the second quarter this year, Coinbase had US$6 billion (S$8.6 billion) in total resources, with an additional US$428 million crypto assets. More importantly, Singapore has many marquee asset allocators and asset managers that continue to express interest in and want to increase exposure to digital assets, he said.

The functionality will be powered by Coinbase Commerce, which provides a decentralized way for merchants around the world to accept cryptocurrency payments.

Google Cloud CEO Thomas Kurian said the partnership would help make it easier and faster for developers to build Web3. Google Cloud’s platform will enable Coinbase to process blockchain data at scale, and boost the international reach of its services courtesy of Google Cloud’s fiber optic network. With partners in more than 100 countries, and 4,900+ employees, Coinbase is a publicly-traded company on the NASDAQ exchange under the ticker COIN and has a market capitalization of $16 billion. Coinbase will also benefit from Google Cloud’s secure infrastructure and the company’s data and analytics capabilities. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.” The partnership calls for Coinbase to use Google Cloud as its strategic cloud provider for developing advanced exchange and data services.

By lining up a broad deal with Coinbase, Google might pick up an edge against Amazon and Microsoft by letting clients pay with Bitcoin or other digital ...

[indicated](https://www.cnbc.com/2022/05/06/googles-cloud-group-forms-web3-product-and-engineering-team.html) in May that it was exploring the possibility of adding support for payments with digital currencies. Migdal said Coinbase had been in discussion with Google for months, with conversations about supporting commerce transactions, cloud usage and the Prime service all happening in parallel. [Block](/quotes/SQ/) (the payments company formerly known as Square), Coinbase, [MicroStrategy](/quotes/MSTR/) and [Tesla](/quotes/TSLA/) are among the companies that have added digital currencies to their balance sheets. Coinbase [announced](https://www.cnbc.com/2022/08/09/coinbase-coin-earnings-q2-2022.html) a $377 million impairment charge tied to a decline in the value of its cryptocurrency holdings in August. Google is also exploring how it can use Coinbase Prime, a service that securely stores organizations' cryptocurrencies and allows them to execute trades. The deal, announced at Google's Cloud Next conference, might succeed in luring cutting-edge companies to Google in a fierce, fast-growing market, where Google's top competitors do not currently permit clients to pay with digital currencies.

Coinbase Global Inc. entered into a partnership with Alphabet Inc.'s Google over cloud services, its latest corporate pact after prior accords with ...

and Meta Platforms Inc. Coinbase Global Inc. entered into a partnership with Alphabet Inc.’s Google over cloud services, its latest corporate pact after prior accords with BlackRock Inc.