Cryptocurrency exchange Coinbase said on Tuesday it had obtained a digital payment services license from the Central Bank of Singapore.

The approval allows Coinbase to provide digital payment services to Singapore users.

This is in line with Singapore’s Payment Services Act which allows individual and corporate users to use digital payment services.

Also crypto companies are regulated by the country’s central bank.

Approval of “Coinbase” to provide cryptocurrency services in Singapore:

Cryptocurrency exchange Coinbase already has a large presence in the Southeast Asian country.

According to the report ReutersCoinbase currently has an employee base of about 100 employees, most of whom are product engineers.

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Hassan Ahmed, Coinbase’s regional director for Southeast Asia told:

Singapore is of strategic importance to Coinbase’s expansion plan.

Licensing is an important milestone.

We view Singapore as a strategic market and a global hub for Web 3.0 innovation.

Coinbase is one of the first companies to obtain a crypto license in Singapore.

Earlier, Crypto.com and DBS Vickers were among those who received initial regulatory approval from the authorities.

In general, Singapore welcomes global companies that have a presence and operate within its jurisdictions.

Many companies from South Asian countries like India have shifted towards Singapore.

Expand the user base:

Singapore’s approval is another important step in Coinbase’s expansion plans this year.

Earlier in July, the cryptocurrency exchange gained regulatory approval in one of the main European markets, Italy.

Italian authorities have agreed to grant a license to the crypto-asset service provider to Coinbase.

Coinbase already serves customers in 40 European countries such as Ireland, the United Kingdom and Germany.

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In many other countries, Coinbase plans to seek approvals.

The company faces stiff competition from its rival platform Binance.

While Coinbase has experienced disruptions lately due to a series of technical glitches, Binance has managed to expand its user base relatively well.

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