The authorities of Singapore have granted Coinbase a license, allowing the exchange to cater to local crypto traders.
The Monetary Authority (MAS) has issued the license, which permits Coinbase to serve both retail and institutional investors.
Although headquartered in the USA, Coinbase CEO Brian Armstrong has been advocating for cryptocurrency market legalization in his country.
He believes that implementing regulatory measures will enhance transparency in digital asset transactions and provide protection for investors.
Despite expanding globally, Coinbase has no plans to withdraw from the American market. The exchange is looking to other countries as part of their expansion policy.
The Singapore license allows Coinbase to process transactions of up to $2.2 million in digital assets. Singapore blockchain companies have also formed partnerships with Coinbase.
Citing sociological surveys, the exchange reports that more than 30% of Singaporeans have experimented with cryptocurrency investments.
