Coinbase, one of the world’s largest bitcoin and cryptocurrency exchanges, has received approval from the Monetary Authority of Singapore (MAS) to offer bitcoin buying and selling services to retail and institutional investors in the country.
This milestone formalizes the expansion of Coinbase in the Singapore market, which has little by little been adopting bitcoin as an investment option.
The approval granted by MAS allows Coinbase to provide a secure and regulated platform for Singapore investors to access bitcoin, and comes on the heels of its approvals in Europe last week.
Coinbase’s expansion comes at a critical time for the company. Since its notable IPO in 2021, Coinbase has faced challenges maintaining its stock price amid a volatile crypto market. The company’s shares initially rose after the IPO, but have since seen fluctuations in line with the broader cryptocurrency market.
Coinbase’s expansion to Singapore aligns with its mission to make cryptocurrencies more accessible and easier to use for individuals and institutions around the world. The exchange’s reputation for regulatory compliance and security is expected to play a key role in gaining the trust of Singapore investors.
The move also reflects the broader trend of crypto exchanges seeking regulatory approval and compliance as they expand their services to serve a broader audience. This approach not only improves investor protection but also contributes to the legitimacy of the cryptocurrency industry.
Additionally, it follows the exchange’s recent promised addition of the bitcoin Lightning Network, a second-layer solution designed to improve the scalability and efficiency of bitcoin transactions.
