Coinbase has obtained a license from the Singaporean authorities, allowing the exchange to serve local Bitcoin traders.
The Monetary Authority (MAS) granted the license, which allows Coinbase to cater to both retail and institutional investors.
Although headquartered in the United States, the exchange’s CEO, Brian Armstrong, has been advocating for the legalization of the cryptocurrency market to US authorities.
Armstrong believes that having a regulatory framework in place will promote transparency in digital asset transactions and protect investors.
While Coinbase has no immediate plans to leave the American market, it is currently exploring other countries as part of its global expansion strategy.
The recently acquired Singaporean license permits Coinbase to process transactions involving digital assets of up to $2.2 million.
This license has also led to partnerships with Singaporean blockchain companies.