Coinbase Global (COIN) -) shares moved firmly higher Monday after the crypto exchange received permission from to offer payments services authorities in Singapore.
Coinbase said the Monetary Authority of Singapore granted group a 'Major Payment Institution' license, which allows it offer digital token payment services to both institutions and individual investors, following its initial approval last year.
The license confers not only Coinbase's status in what is now Asia's crypto market hub, following bans on trading and payments in China and other regional economies, but also its commitment to anti-money laundering controls, a condition Singapore authorities mentioned specifically in public statements when reviewing its application.
"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," Coinbase said in a statement.
"The Monetary Authority of Singapore is a significant regulatory partner for us. Earning this license from MAS is not just an approval but a shared commitment," the statement added.
Coinbase shares were marked 4.75% higher in early Monday trading to change hands at $78.55 each, a move that would extend the stock's six-month gain to around 23%.
Last month, Coinbase also won a major victory when it was granted permission by the National Futures Association to offer cryptocurrency futures to retail investors as it continues to challenge the Securities and Exchange Commission on market regulation.
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