Coinbase Secures Crypto Payments License in Singapore

Coinbase joins 17 others in receiving in-principle approval from the central bank of Singapore, having held an exemption until now

article-image

Coinbase CEO Brian Armstrong | blockworks exclusive art by axel rangel

share
  • Coinbase is one step closer to being fully in line with Singapore regulations enacted in 2020
  • The city-state has long been viewed as a hub for crypto innovation despite strict rules

Crypto exchange Coinbase has secured in-principle approval for a digital asset license from the central bank of Singapore, part of its journey to becoming fully-regulated in the country.

While Coinbase has been operating in Singapore since 2015, the Monetary Authority of Singapore (MAS) has now granted Coinbase conditional approval under the Payment Services Act (PSA).

In January 2020, the PSA came into effect which strengthened regulatory requirements for various payment services provided in the city-state, including electronic payments and crypto-related exchange services.

Viewed by the company as a major milestone, Hassan Ahmed, Coinbase’s regional director for Southeast Asia, said the exchange is seeking to expand further across Singapore, which it views as a “strategic market and global hub” for Web3 innovation, Reuters reported.

Coinbase Singapore — which has roughly 100 employees — had been part of a list of 54 other entities granted exemption from licensure for providing digital payment token services, allowing the firm to continue operating until receiving its provisional nod.

Subject to ongoing discussion and ratification by MAS, the in-principle approval is similar to holding a full license, allowing the exchange to legally offer its services to customers including institutional types.

The Singapore offshoot of the exchange now joins a list of 17 entities that have received in-principle approval including Crypto.com in June as well as Paxos in March. 

More than 160 entities are currently awaiting approval as Digital Payment Tokens under the PSA, while a further 100 have been rejected outright. 

Only seven entities have received a digital payment token license from MAS with the first being granted to Singapore-based fintech FOMO Pay last year. Australian exchange Independent Reserve and DBS’s brokerage arm followed shortly after in October of the same year.

Singapore is often simultaneously praised as both a region for fintech innovation and stringent regulatory frameworks for digital assets.

In April, local regulators closed a loophole that had allowed domestically registered virtual asset service providers operating abroad to offer their services outside its jurisdiction.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

The state’s decision opens staking access to New Yorkers, signaling a regulatory shift toward broader crypto participation

by Blockworks /
article-image

The startup says it aims to rival Stripe and Worldpay by using stablecoins to speed merchant settlements from days to seconds

by Blockworks /
article-image

“S&P 500” for crypto comes as segment gains “established role in global markets,” S&P exec says

article-image

The S&P Digital Markets 50 Index combines 15 cryptocurrencies with 35 crypto-linked companies, offering investors hybrid exposure

by Blockworks /
article-image

Gnosis is betting that openness — not ownership — will define the future of onchain money

article-image

Crypto’s quest to imbue shareholder protections for tokens