Cryptocurrency exchange Coinbase has been granted a full payments license by the Monetary Authority of Singapore, allowing it to offer digital payment token services in the country.
- Singapore has become a hub for crypto in Asia, attracting companies from China and India.
- Coinbase sees Singapore as a “vital market” and survey data shows that 32% of Singaporeans own or have owned crypto.
- However, recent collapses at crypto firms have cooled enthusiasm for the industry, with Temasek cutting the pay of the team who recommended a $275m investment in now-bankrupt FTX.