2023-10-2 13:38 |
Coinbase, one of the world's largest Bitcoin and crypto exchanges, has received approval from the Monetary Authority of Singapore (MAS) to offer Bitcoin buying and selling services to both retail and institutional investors in the country.
This milestone makes official Coinbase's expansion into the Singaporean market, which has been gradually embracing Bitcoin as an investment option.
The approval granted by MAS enables Coinbase to provide a secure and regulated platform for Singaporean investors to access Bitcoin, and comes on the heels of its approvals in Europe last week.
Coinbase's expansion comes at a critical juncture for the company. Since its high-profile IPO in 2021, Coinbase has faced challenges in maintaining its share price amid a volatile crypto market. The company's stock initially surged post-IPO but has since experienced fluctuations in line with the broader cryptocurrency market.
Coinbase's expansion into Singapore aligns with its mission to make cryptocurrencies more accessible and user-friendly for individuals and institutions worldwide. The exchange's reputation for regulatory compliance and security is expected to play a pivotal role in gaining the trust of Singaporean investors.
The move also reflects the broader trend of crypto exchanges seeking regulatory approval and compliance as they expand their services to cater to a wider audience. This approach not only enhances investor protection but also contributes to the legitimacy of the cryptocurrency industry.
Further 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.
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