Coinbase has received in-principal approval from the Monetary Authority of Singapore (MAS), thus gaining the status of a Major Payments Institution under the local Payment Services Act.
Announced on Tuesday, the new approval will allow the California-headquartered cryptocurrency exchange
Cryptocurrency Exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a Crypto Exchange?Cryptocurrency trading occurs over a centralized exchange, although these crypto exchanges should be used with caution given the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds cryptocurrencies of users they accrue interest and are no longer classified as client money.These provide an accessible platform for not only companies, hedge funds, and retail traders for exchanging digital currencies.Additionally, crypto exchanges serve a critical role in producing stability within the cryptocurrency sector given how the sourcing and pricing of these assets are innately volatile. One could think of a crypto exchange as an intermediary who provides a service by connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects a fee of an outgoing transaction that averages between 0.20% to 0.25% or will request a deposit fee that has been known to be as high as 11% for credit card deposits. Crypto exchanges may also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a Crypto Exchange?Cryptocurrency trading occurs over a centralized exchange, although these crypto exchanges should be used with caution given the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds cryptocurrencies of users they accrue interest and are no longer classified as client money.These provide an accessible platform for not only companies, hedge funds, and retail traders for exchanging digital currencies.Additionally, crypto exchanges serve a critical role in producing stability within the cryptocurrency sector given how the sourcing and pricing of these assets are innately volatile. One could think of a crypto exchange as an intermediary who provides a service by connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects a fee of an outgoing transaction that averages between 0.20% to 0.25% or will request a deposit fee that has been known to be as high as 11% for credit card deposits. Crypto exchanges may also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.
Read this Term to offer Digital Payment Token products and services in Singapore.
“We look forward to ongoing collaboration with the government on a pragmatic regulatory framework for digital assets, to empowering local and regional builders as they scale use cases, and to continue supporting efforts to consolidate the island state’s position as a global Web3 hub,” the official press release stated.
Hello Singapore ??
Excited to announce we have received an In-Principle Approval as a Major Payment Institution in the Lion City! This is an important step in our mission of being the most trusted crypto platform in Asia Pacific.https://t.co/pc2pkTl7yG
— Coinbase (@coinbase) October 11, 2022
Coinbase already had a significant presence in Singapore. It already has 100 employees in Singapore and is considering the city-state as one of its tech hubs. Further, the exchange operates its APAC institutional business from the city-state.
“Today’s announcement underlines our commitment to Singapore as a regional hub that allows us to unlock new capabilities for Singapore-based institutional and corporate clients in the future,” the exchange added.
Coinbase is also focused on expansion into other global jurisdictions. Last month, the American crypto exchange received regulatory approval in the Netherlands that allows it to offer crypto products in the country. In addition, it received regulatory approval in Italy last July.
The Asian Gateway
MAS’ digital payment token license is considered to be one of the most stringent approvals for cryptocurrency companies. Coinbase has joined the flock of Cypto.com and DBS Vickers, along with 14 other companies, to obtain the license in Singapore.
However, Binance, which is the largest crypto exchange by trading volume, withdrew its application for a Singapore license and then pulled out from the jurisdiction altogether by shutting its local entity.
Meanwhile, Singapore’s MAS is considering bringing more restrictions for cryptocurrency trading, mostly by placing limits on retail participation and the use of leverages. The regulator has been alarmed by the recent collapse of several promising crypto companies that were based in Singapore.
Coinbase has received in-principal approval from the Monetary Authority of Singapore (MAS), thus gaining the status of a Major Payments Institution under the local Payment Services Act.
Announced on Tuesday, the new approval will allow the California-headquartered cryptocurrency exchange
Cryptocurrency Exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a Crypto Exchange?Cryptocurrency trading occurs over a centralized exchange, although these crypto exchanges should be used with caution given the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds cryptocurrencies of users they accrue interest and are no longer classified as client money.These provide an accessible platform for not only companies, hedge funds, and retail traders for exchanging digital currencies.Additionally, crypto exchanges serve a critical role in producing stability within the cryptocurrency sector given how the sourcing and pricing of these assets are innately volatile. One could think of a crypto exchange as an intermediary who provides a service by connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects a fee of an outgoing transaction that averages between 0.20% to 0.25% or will request a deposit fee that has been known to be as high as 11% for credit card deposits. Crypto exchanges may also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) for short.How Does Trading Take Place on a Crypto Exchange?Cryptocurrency trading occurs over a centralized exchange, although these crypto exchanges should be used with caution given the implications that surround the custody of new assets. Similar to the banking industry, when a crypto exchange holds cryptocurrencies of users they accrue interest and are no longer classified as client money.These provide an accessible platform for not only companies, hedge funds, and retail traders for exchanging digital currencies.Additionally, crypto exchanges serve a critical role in producing stability within the cryptocurrency sector given how the sourcing and pricing of these assets are innately volatile. One could think of a crypto exchange as an intermediary who provides a service by connecting buyers and sellers from various markets under one roof. In exchange for facilitating trades and for services rendered, a digital currency exchange generally collects a fee of an outgoing transaction that averages between 0.20% to 0.25% or will request a deposit fee that has been known to be as high as 11% for credit card deposits. Crypto exchanges may also support the exchange of crypto tokens, such as the Binance Token, which is ranked as the 9th most valuable cryptocurrency in the world.
Read this Term to offer Digital Payment Token products and services in Singapore.
“We look forward to ongoing collaboration with the government on a pragmatic regulatory framework for digital assets, to empowering local and regional builders as they scale use cases, and to continue supporting efforts to consolidate the island state’s position as a global Web3 hub,” the official press release stated.
Hello Singapore ??
Excited to announce we have received an In-Principle Approval as a Major Payment Institution in the Lion City! This is an important step in our mission of being the most trusted crypto platform in Asia Pacific.https://t.co/pc2pkTl7yG
— Coinbase (@coinbase) October 11, 2022
Coinbase already had a significant presence in Singapore. It already has 100 employees in Singapore and is considering the city-state as one of its tech hubs. Further, the exchange operates its APAC institutional business from the city-state.
“Today’s announcement underlines our commitment to Singapore as a regional hub that allows us to unlock new capabilities for Singapore-based institutional and corporate clients in the future,” the exchange added.
Coinbase is also focused on expansion into other global jurisdictions. Last month, the American crypto exchange received regulatory approval in the Netherlands that allows it to offer crypto products in the country. In addition, it received regulatory approval in Italy last July.
The Asian Gateway
MAS’ digital payment token license is considered to be one of the most stringent approvals for cryptocurrency companies. Coinbase has joined the flock of Cypto.com and DBS Vickers, along with 14 other companies, to obtain the license in Singapore.
However, Binance, which is the largest crypto exchange by trading volume, withdrew its application for a Singapore license and then pulled out from the jurisdiction altogether by shutting its local entity.
Meanwhile, Singapore’s MAS is considering bringing more restrictions for cryptocurrency trading, mostly by placing limits on retail participation and the use of leverages. The regulator has been alarmed by the recent collapse of several promising crypto companies that were based in Singapore.
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