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It is undeniable that recent investments like Cryptocurrency are gaining huge popularity. Currently, Singapore, Asia’s leading technology hub, has granted Coinbase, which is a Cryptocurrency trading platform, to be used for payment on a full scale.
When it comes to Cryptocurrency, many people may think of Bitcoin that is now worth millions baht per coin. Bitcoin is a form of Cryptocurrency which can be traded, exchanged or kept in your wallet as digital assets. Nowadays, Cryptocurrency coin has become an intermediary in the exchange of goods, services, and many other items that are accepted among users.
Even some major financial banks in some countries have accepted the digital coin as their own currency so that people can use it with greater confidence. Cryptocurrency is a digital investment that grows from technology unlike other investments.
Coinbase Global Inc or Coinbase is the largest provider of cryptocurrency trading platforms in the United States and entered the Nasdaq Stock Exchange in 2021.
In the early of October 2023, Coinbase received the license to provide Digital Payment Token services from the Monetary Authority of Singapore: MAS to provide digital token payment products and services under control to individual and institutions customers.
The company that receives the Major Payment Institution (MPI) license from the Monetary Authority of Singapore is authorized to provide any payment services without a restriction on transactions at 3 million Singapore dollars (approximately 80.85 mullion baht)
Previously, the Monetary Authority of Singapore applied token payment services with other Cryptocurrency in the last year under the central bank’s supervision and the Payment Services Act.
Coinbase stated in the declaration that Singapore is Asia’s leading financial hub and ranked in the third place after New York and London. It is also a hub of financial institutions, asset management services, hedge funds, insurance companies, and many others which are all interested in investing in digital assets.
Getting this license is the key. The company has established itself in Singapore and currently employs nearly 100 people, most of whom are product engineers. Singapore is a strategic market for Coinbase and a Web3 global innovation hub.
In addition to Coinbase, there are also Crypto.com and DBS VICKERS ,which is a subsidiary broker company of DBS Bank, that got this license from the Monetary Authority of Singapore as well.
In mid-July, Singapore’s central bank governor Ravi Menon said Singapore would strengthen its scope of regulation used to control cryptocurrency by strengthening the control of retail investors to invest in cryptocurrencies and increasing the scope of regulations to control activities more widely.
In this regard, Singapore continues to take strong measures to control investment in cryptocurrencies, including controlling the marketing of cryptocurrencies and requires that the cryptocurrency operators must obtain licenses from the Singapore government even if they are operating overseas.
