Coinbase Obtains License From Singapore’s Central Bank — Crypto Exchange Sees Singapore as ‘a Vital Market’
The Nasdaq-listed crypto exchange Coinbase has obtained a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), to provide services to both individuals and institutions. “We’ve identified Singapore as a vital market for Coinbase,” the crypto exchange emphasized. “The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.”
Coinbase Expanding in Singapore
Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Sunday that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the Singaporean central bank and financial regulator. Coinbase emphasized:
This development, coming after our initial In Principle Approval, amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore.
The Nasdaq-listed crypto exchange received In Principle Approval from the MAS in October last year.
“With 25% of surveyed Singaporeans considering crypto as the future of finance and 32% being either current or past owners of crypto, Singapore has naturally become a significant location for this industry,” Coinbase detailed, adding: “Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.”
Coinbase noted that Singapore is “a priority market” for its business, emphasizing:
From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase. The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.
The crypto exchange has been expanding internationally. “Over the last year, we’ve achieved VASP [virtual asset service provider] registrations in Spain, Italy, Ireland, and the Netherlands,” Coinbase shared.
Singapore is considered a major crypto hub. In July, the MAS announced new regulations for crypto service providers. In August, the central bank unveiled a new regulatory framework for stablecoins. Singapore’s new President Tharman Shanmugaratnam advocates “one regulatory system” for crypto and traditional finance.
What do you think about Coinbase obtaining a license in Singapore? Let us know in the comments section below.
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Bitcoin Surge To $28,400 Triggers $110M Crypto Futures Flush
Data shows the Bitcoin rally above the $28,400 level has triggered $110 million in liquidations across the cryptocurrency futures market.
Bitcoin Rally Leads To Mass Liquidation Event In Futures Market
During the past day or so, Bitcoin has rapidly increased, as its price has gone from the $27,000 mark to above the $28,000 level. This is the first time in about a month and a half that the cryptocurrency has breached this level.
The below chart shows how the asset’s value has changed over the past few days.
The graph shows that earlier in the day, BTC had managed to go as high as $28,500. The coin has since seen a pullback, but it has managed to stay above $28,000.
As is usually the case, the rest of the top assets in the sector have also followed in the footsteps of the original cryptocurrency and have observed rallies of their own.
Generally, whenever the market goes through volatility as sharp as today’s, chaos follows in the futures sector. And indeed, as data from CoinGlass would confirm, there have been many liquidations in the past day.
As the above table shows, the cryptocurrency futures market has registered liquidations of around $134 million in the last 24 hours. As most of the price action in this period has been towards the upside, it’s unsurprising that most of this flush (almost $93 million) involved the short contract holders.
Only one-third of these liquidations occurred within the past twelve hours, another fact that’s not unexpected as most of the volatility was situated within the preceding twelve-hour period.
In terms of the individual contributions to the liquidations from the different symbols, this is how the distribution looks like for the past day:
Naturally, Bitcoin was responsible for the highest share of liquidations, with around $56 million in contracts being flushed, while Ethereum was second with about $36 million.
Solana and Chainlink saw the largest share among the rest of the sector, although at about $5 and $3 million, respectively, their liquidations pale compared to the top two assets.
SOL and LINK’s extraordinary share may be down to the fact that their recent sharp rallies would have put more focus on them, leading to more positions being opened on the futures market.
Mass liquidation events like today’s (popularly called “squeezes“) aren’t a particularly uncommon sight in the cryptocurrency sector due to the nature of the market.
Most of the coins can display quite the volatility, and an absurd amount of leverage can be easily accessible on most platforms, making the futures market a dangerous place to navigate for the uninformed trader.
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