Coinbase Authorized for Crypto Services in Singapore: Implications for Ethereum (ETH) and VC Spectra (SPCT)?
The Monetary Authority of Singapore authorized Coinbase to offer institutional and individual crypto payment services one year after receiving an in-principle approval. With 32% of Singaporeans owning crypto, the Coinbase license may boost the uptake and price of the best cryptocurrencies, such as Ethereum (ETH) and VC Spectra (SPCT).
Will the Coinbase Singapore license revive the weak crypto market? Let’s delve deeper into it.
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Coinbase receives a license to offer crypto payment and international and domestic money transfer services.
Ethereum (ETH) hits $10 billion in cumulative revenue in record time.
VC Spectra (SPCT) Stage 1 investors earn 450% ROI.
On October 2, 2023, Coinbase became the newest company to receive the Major Payment Institution license from the Monetary Authority of Singapore. Consequently, the Coinbase stock jumped 5%.
The license allows Coinbase to offer institutional and individual crypto payment services. Further, Coinbase is now a recognized Singaporean money-transfer service provider for both cross-border and local transactions.
Coinbase executives, in their corporate blog, mentioned the importance of the Singapore market to their company. The license allows them to serve the over 700 web3 companies in the country and the 25% of the population that owns or has owned top crypto coins and believes crypto is the future of finance.
Moreover, Coinbase has developed money and crypto transfer and payment products for the Singapore market.
Coinbase is expanding rapidly and has recently received the Virtual Asset Service Provider registration in four European countries: Spain, Netherlands, Italy, and Ireland.
On 26 September 2023, Caleb and Brown, a crypto brokerage, reported that
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