Crypto exchange Coinbase wins key Singapore license

Bangkok Post Group

Cryptocurrency exchange Coinbase has been awarded a full payments license to operate in Singapore by the city-state's central bank, the U.S.-based company said on Monday. - REUTERS

Transcript

00:00 Coinbase, the world's largest cryptocurrency exchange, won a key license in Singapore on

00:05 Monday, allowing it to operate in one of Asia's biggest crypto hubs.

00:10 The license, issued by Singapore's central bank, will allow Coinbase to offer digital

00:15 payment token services to individuals and institutions in the city-state.

00:20 Coinbase called Singapore a "vital market," citing survey data showing that 32 percent

00:26 of Singaporeans own crypto or have done so in the past.

00:31 But a series of collapses at crypto firms last year have cooled enthusiasm about the

00:36 industry.

00:37 Temasek, Singapore's state investment firm, cut the pay of the team who recommended a

00:42 $275 million investment in now-bankrupt FTX, whose founder Sam Bankman-Fried is set to

00:51 stand trial in the U.S. this week on more than half a dozen criminal charges related

00:56 to his company's demise.

00:58 Singapore's central bank said on its website that it only grants licenses to crypto firms

01:03 that have robust anti-money laundering controls in place.

01:07 Shares of Coinbase rose as much as 6.5 percent in early Monday morning trading, but gave

01:12 back much of those gains by midday.

01:15 [BLANK_AUDIO]

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