Coinbase got licensed In Singapore | Bitcointalksearch.org

tabas

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Quote from: Text on October 17, 2023, 04:10:43 AM

I agree that this news could have a positive impact on other countries.

Mainly on the South Asia, Singapore is very strategic and a known country so Coinbase having a license there means they know who and which countries they're targeting.

Quote from: Text on October 17, 2023, 04:10:43 AM

Will it attract other major exchanges to the country?

Maybe, like with what Binance has been doing then it's giving the alarm to them that they're about to be taken over so each move is like also a strategic based for them on which region they should go on.

Quote from: Text on October 17, 2023, 04:10:43 AM

Will it encourage more businesses to start accepting cryptocurrency payments? I'm excited to see what the future holds!

Possible and we will have to see that happen since many do admire the richness and progress of Singapore so getting a license there is like giving them the passes to the entire market of South East Asia and other nearby regions as well.

Text

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I agree that this news could have a positive impact on other countries. As more and more countries see the benefits of regulating and supporting the cryptocurrency industry, they are likely to follow suit. This could lead to a significant increase in mass adoption of cryptocurrency in the coming years. I'm also impressed by Coinbase's commitment to working with local regulators and blockchain firms. This shows that the company is serious about building a long-term presence in Singapore, and it is likely to attract more users and clients to the platform. I think this is a very positive development for the cryptocurrency industry in Singapore and around the world. I'm excited to see what the future holds for Coinbase and the rest of the industry. I'm particularly interested to see how Coinbase's collaboration with local blockchain firms will play out. I think this could lead to some innovative new products and services for users in Singapore and beyond. I'm also curious to see how this development impacts the cryptocurrency industry in Singapore more broadly. Will it attract other major exchanges to the country? Will it encourage more businesses to start accepting cryptocurrency payments? I'm excited to see what the future holds!

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Quote from: oktana on October 02, 2023, 06:52:09 PM

Wow! Really good news to read. With one step in front of the other, we keep expanding mass adoption. What I love about such news is how they can impact other countries. The president of another country reads the news and sees reasons to implement it just like other countries, and that’s just how it’s spreads. In no time, we will lose count of the countries that are making positive waves in crypto.

Buddy really impressed the way you thinking. i really read your reply just now. i have created another thread for Singapore news as Singapore gives one more approval to another exchange. I was replying the same thing to Odohu after that i came here and read your reply in this thread and you also mentioned the same things as me there which pretty strange Cheesy

So, Yes Buddy this fact exist. You can also read this reply......>>>Singapore gives approval to Upbit Exchange

taufik123

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Quote from: joniboini on October 02, 2023, 07:06:01 PM

Makes me wonder what requirement is required for these companies to obtain a license in Singapore.

There are several requirements that must be met by cryptocurrency exchange companies that wish to obtain a license and operate in Singapore including.

- Create a system to control the risks associated with cryptocurrency exchange;
- Follow transparent and legal trading rules;
- Providing sufficient resources for work - financial, technical, human;
- Protecting the confidentiality of customer information and the security of funds on the platform;
- Have the ability to record every transaction;
- Establish a board of directors and committees for payments, audits, appointments, and conflict resolution;
- Meet AML/CFT criteria and other international standards.

Quote from: joniboini on October 02, 2023, 07:06:01 PM

A quick search shows that the business needs to have some capital and one Singaporean citizen involved in the company. It doesn't look like you need to have an office there. If that is the case, the difference is not that big to other SEA countries afaik. The key difference is definitely the infrastructure and access to the market.

Requiring a certain amount of capital and one or more local residents involved in the company is true and a condition that must be met.
But as for whether or not it is necessary to have an office, it is very necessary and also an important requirement to establish an office in the jurisdiction.

Source: https://prifinance.com/en/cryptocurrency-license/singapore

Coinbase also has an office or building a company in Singapore and you can check the address in the link below.

https://www.coinbase.com/legal/user_agreement/singapore

tbct_mt2

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Quote from: snowpega on October 02, 2023, 10:15:04 AM

Coinbase has obtain a major payment institution (MPI) license from Monetary Authority of Singapore (MPS), the firm announced on 1st october. Actually, coinbase is united state based cryptocurrency exchange which is also now approved in singapore from the central bank of country.

Months ago, when the regulation in the USA. where they initially located, become stricter, Coinbase as other exchanges decide to diversify their risk by either leaving the USA or shutdown their service or open new branches with licenses in new nations. Singapore is a choice of Coinbase but Bybit left USA, Bittrex closed their exchange.

Some cryptocurrency companies consider Hongkong as their other options to move their companies there after some more friendly regulatory policies announced in Hongkong.

Coinbase is big and they are fighting against SEC just like Ripple and I hope they all will succeed. SEC should not win those lawsuits and become more unfriendly with cryptocurrencies.

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Quote from: taufik123 on October 02, 2023, 06:35:42 PM

In addition, Singapore is also currently home to over 700 Web3 companies, making it a very important market for crypto and Web3 economic growth.

Makes me wonder what requirement is required for these companies to obtain a license in Singapore. A quick search shows that the business needs to have some capital and one Singaporean citizen involved in the company. It doesn't look like you need to have an office there. If that is the case, the difference is not that big to other SEA countries afaik. The key difference is definitely the infrastructure and access to the market.

Not really surprising, considering even businesses like gacha gaming open new branches here every year.

oktana

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Wow! Really good news to read. With one step in front of the other, we keep expanding mass adoption. What I love about such news is how they can impact other countries. The president of another country reads the news and sees reasons to implement it just like other countries, and that’s just how it’s spreads. In no time, we will lose count of the countries that are making positive waves in crypto.

taufik123

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Entering October there will be a lot of good news about crypto, about adoption and now Coinbase gets an official payment license from Singapore.

Why did Coinbase choose Singapore?
Singapore is currently known as a country with a progressive economic approach and regulations that support various kinds of innovation and is becoming an important location for the crypto industry.

And just a few weeks ago the TOKEN2049 event was held in Singapore and the event was attended by well-known figures in the crypto field.

In addition, Singapore is also currently home to over 700 Web3 companies, making it a very important market for crypto and Web3 economic growth.

By obtaining its MPI license from MAS of Singapore, Coinbase further affirms its position in the global crypto industry.
This success marks a major step for the company in expanding its reach to the crypto community worldwide.

ZAINmalik75

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Quote from: snowpega on October 02, 2023, 10:15:04 AM

Their main target to increase the digital payment token services using Bitcoin and alt tokens . Coinbase has also integrated Singapore digital services like Singpass, to simplifying onboarding. Moreover coinbase is also collaborating with major local blockchain firms, which includes nansen.ai, blockdaemon and infura to target its product like base blockchain and wallet-as-a-service.

This is good news, but if it is combined with the previous news of Honda accepting BTC as a payment method, then we can see the impact of it on the market. When such huge companies adopt the BTC as payment method then BTC priced up and does the unexpected.

Initiatives like these will increase the adoption of BTC overall, and in the long run, we will see BTC breaking the boundaries that it has set before. Because these types of licenses will increase the trust of the people in Coinbase and BTC. Such licenses seem to be irrelevant to those who are old users of crypto and do know and understand the system

But those who are new to crypto and still do not take part in the cryptocurrency, are going to adopt it now, not everyone, but we will see a small number of people coming to crypto due to such good news. Overall, I am enjoying the market.

BIT-BENDER

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Good news for those using Coinbase in Singapore but I believe that when such news comes up we act like Crypto-currency activities hasn't been going on in such countries already, exchanges like Crypto . Com has already been thriving in that region of Asia so this isn't a cause for celebration.

Crypto-currency has gotten main stream that I don't think their is any country in the world that can be restricted from carrying out crypto-currency activities, so the congratulations should go to the exchange because it's good business for them, but newbies never leave your funds on an exchange just a reminder.

Faisal2202

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That's good news, but this news is not the only factor of the recent pump in the market, because Singapore and Coinbase are not the type of news that is in the hype. Because Singapore is already a hub of crypto. Crypto and NFTs and Metaverse are being adopted there. The people of Singapore are so educated in the field of crypto. Even if you will see, many exchanges and wallets, belong to the developers and CEO, who are Singaporeans.

And coins is a good exchange in the US and bring a good volume to the BTC and overall crypto market cap. But to be honest, I don't like this exchange and there will be many others too, who don't like it. The reasons are a lot but they sold the user's data without them knowing.

overall, The news does have some impact and might help more newbies of Singapore to adopt the BTC for daily purposes and this will increase the trading volume and hence the candles will start to make huge too. This means more volume means huge candles. Means more price of BTC.

jossiel

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Singapore is one of the major financial hub in the South East Asia and that's a good choice for Coinbase. I'm thinking of Hong Kong could also be the next one but policies there aren't likable maybe as of now since they've got ties with the CCP.

Now with this move of Coinbase going on the area, there's a possible move from other biggest exchanges as well as this could be a threat to them in terms of competition.

avikz

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Well this is not the first time Singapore grants licence to a criptocurrency exchange. Once upon a time India had a great cryptocurrency exchange named Zebpay. Due to regulatory uncertainty, Zebpay moved to Singapore and they are now providing services to over 30 countries.

Looking at the current situations in United States more and more cryptocurrency related companies are expected to move to crypto friendly countries like Singapore. While US will lose it's tax revenue Singapore will gain from it.

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Quote from: snowpega on October 02, 2023, 10:15:04 AM

Their main target to increase the digital payment token services using Bitcoin and alt tokens . Coinbase has also integrated Singapore digital services like Singpass, to simplifying onboarding. Moreover coinbase is also collaborating with major local blockchain firms, which includes nansen.ai, blockdaemon and infura to target its product like base blockchain and wallet-as-a-service.

News source

A report claims that 32% of Singaporeans currently or previously owned crypto which means that the country is a large market. Coinbase has been facing some lawsuits in the US so there is need for Coinbase to spread its business networks to other crypto-friendly countries. This move will attract more investors to the crypto sector and it will also create more job opportunities. Singapore is one of the crypto-friendly countries and they are also taking advantage of the country's industry to attract investors and raise money through tax. Coinbase has been one of the solid exchanges that have lasted for a long time and they have brought innovation to the centralized crypto sector. But we should all remember the fact that the goal of Bitcoin is decentralization.

Shishir99

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Quote from: hugeblack on October 02, 2023, 11:26:32 AM

@OP You need to edit the source because it's not working.

Here is the link of this news: https://cointelegraph.com/news/coinbase-secures-payment-license-singapore

basically, op added .html at the end of the link which is why it's become an incorrect link.
Anyways, I don't know what I should say because I have been reading a lot of negative news about Coinbase. A translation in our local thread explained how coinbase 3rd party KYC data keeper sold those user data on the darknet for $1 each. Coinbase freeze user accounts more frequent than any other centralized exchanges. Nobody knows who is the next target of this platform.

hugeblack

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This is good news. I just hope they improve the support team's services because there are a lot of complaints regarding dealing with the support team.
Does the license require a special domain for customers from Singapore, or is it for settling transactions in the local currency, or is it just allowing users to access bank accounts directly from Coinbase?
I see that they are working on developing products and services specifically designed for Singapore so it seems that the Singaporean market is filled with many traders.

@OP You need to edit the source because it's not working.

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This is sure a good news, but not one that is completely unexpected, I've always been of the opinion that it doesn't really matter what the government in general does to harm bitcoin, little by little, every country in this world will adopt bitcoin and cryptocurrencies.

With licences like this one being granted to crypto focused exchanges, very soon, bitcoin and crypto currency trading in general will become a major contender to Forex trading, which is one of the biggest in the financial market.

Doan9269

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This is a good news but before we further on its discussions, this topic can be moved to the currency exchanges board as the proper place suitable for the discussion, coinbase is for no doubt one of the well crypto platform you can get the best and quality experience from aside Binance among others, it's been a while I've heard something new about Singapore not untill this is also coming with their recent development and achievement with coinbase, the more the adoption increases in this manner the more closer we are to bitcoin global adoption as a legal tender in many countries through their respective governments.

snowpega

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hi there!

hope y'll doing fine today. Coinbase has obtain a major payment institution (MPI) license from Monetary Authority of Singapore (MPS), the firm announced on 1st october. Actually, coinbase is united state based cryptocurrency exchange which is also now approved in singapore from the central bank of country.

image source

Their main target to increase the digital payment token services using Bitcoin and alt tokens . Coinbase has also integrated Singapore digital services like Singpass, to simplifying onboarding. Moreover coinbase is also collaborating with major local blockchain firms, which includes nansen.ai, blockdaemon and infura to target its product like base blockchain and wallet-as-a-service.

News source

Topic: Coinbase got licensed In Singapore (Read 224 times)