{"id":1682426,"date":"2022-10-10T21:51:47","date_gmt":"2022-10-11T01:51:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1682426"},"modified":"2022-10-10T21:52:28","modified_gmt":"2022-10-11T01:52:28","slug":"crypto-giant-coinbase-gets-singapore-licence","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-giant-coinbase-gets-singapore-licence\/","title":{"rendered":"Crypto giant Coinbase gets Singapore licence"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcrypto-giant-coinbase-gets-singapore-licence%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1682426&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Xinghui Kok<\/p>\n<p>SINGAPORE (Reuters) \u2013     Coinbase, the largest crypto exchange in the United States, said it has received approval from Singapore\u2019s central bank to offer payment services in the city-state.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>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 and the firms are regulated by the central bank under its Payment Services Act.<\/p>\n<p>Calling it a \u201csignificant milestone\u201d, 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.<\/p>\n<p>\u201cWe see Singapore as a strategic market and a global hub for Web3 innovation,\u201d said Hassan Ahmed, Coinbase\u2019s regional director for Southeast Asia.<\/p>\n<p>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.<\/p>\n<p>Besides Coinbase, Crypto.com and DBS Vickers \u2013 the brokerage run by Singapore\u2019s largest bank DBS \u2013 are among those that have received licences.<\/p>\n<p>Singapore\u2019s 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.<\/p>\n<p>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.<\/p>\n<p>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\u2019s founder Do Kwon is currently wanted by the South Korean police.<\/p>\n<p>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 \u201cso-called Singapore-based\u201d firms that had \u201clittle to do\u201d with the city state\u2019s crypto regulations.<\/p>\n<p>Singapore plans to roll out new regulations that will make it more difficult for retail investors to trade cryptocurrencies.<\/p>\n<p> (Reporting by Xinghui Kok; Editing by Anshuman Daga and Ed Osmond)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/crypto-giant-coinbase-gets\/attachment\/illustration-shows-a-representation-of-the-cryptocurrency-and-coinbase-logo-2\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9A013-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9A013-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Xinghui Kok SINGAPORE (Reuters) \u2013 Coinbase, the largest crypto exchange in the United States, said it has received approval from Singapore\u2019s central bank to offer payment services in the<\/p>\n","protected":false},"author":66,"featured_media":1889666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1682426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/tech\/crypto-giant-coinbase-gets\/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-giant-coinbase-gets","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1682426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1682426"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1682426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889666"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1682426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1682426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1682426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}