Coinbase, the largest crypto exchange in the United States, said it has received approval from Singapore's central bank to offer payment services in the city-state.
The in-principle approval, which the central bank started giving out to crypto firms last year, means individuals and institutions can use digital payment token services and the firms are regulated by the central bank under its Payment Services Act.
About 180 crypto companies applied for a crypto payments licence to the Monetary Authority of Singapore in 2020 under a new regime. Singapore has handed out 17 in-principle approvals and licences after an elaborate due diligence process that is still ongoing.- are among those that have received licences.
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