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Leading Crypto Exchange Coinbase Nears Its Asian Expansion

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VOC, Voice of Crypto, Coinbase

Coinbase, a leading crypto exchange operator, received the license to expand and operate in Asia. The license approval by the Monetary Authority of Singapore marks the company’s expansion to Singapore in compliance with the existing crypto laws. 

Singaporean Crypto License

A crypto license is a major approval offered by any state and is a step towards accepting the company as an approved financial institution. The Monetary Authority of Singapore licensed Coinbase to operate in the state and offer digital tokens and products within the country’s frontiers.

Such a license, according to Coinbase, is the first and most vital step towards expanding in Asia and setting a base alongside already existing crypto exchange firms. 

Why did Coinbase Choose Singapore 

Coinbase chose Singapore as its first stop for expanding its business in India. The company considers Singapore as the financial hub of Asia and the third largest hub after New York globally.

No wonder such an expansion would fetch enough benefits to the company, owing to the extent of financial dealings carried out in the country.

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Though the company aims to expand further into other Asian countries, the reason for choosing Singapore as its first site is evident. 

Importance of Having a Crypto License

Every company aspiring to expand to a different company requires a crypto license to carry out its financial operations. A legally binding crypto license ensures the company adheres to anti-money laundering and anti-terrorism laws.

There have been multiple instances where crypto earnings are used for money laundering and ethically wrong activities. Hence, a crypto license is one of the many safeguards to promote healthy digital transactions in a country. 

While it may look like getting a crypto license is the ultimate move for crypto companies like Coinbase, the reality is slightly different.

Coinbase is set to reign Singapore’s crypto market after its license approval. It employed 100 people, from product engineers to other industry experts.

Moreover, the company also invested in several crypto startups to offer financial backing and strengthen its brand in the country. 

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A post-graduate is Sociology, Sreerupa's interest primarily lies in researching on the global market trends of production and consumption.

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