The American cryptocurrency exchange Coinbase obtained an operating license from the Central Bank of Singapore, according to a statement this Monday.

The platform, based in the North American country, received authorization from the entity that regulates transactions in Singapore, which allows it to offer payment services in digital currencies.

With this Major Payment Institution (MPI) license, Coinbase expands its operations on the Asian continent with the help of the Monetary Authority of Singapore.

The efforts that the Exchange had been carrying out for more than a year now see their results. Coinbase is now expanding its virtual payment token services for individuals and businesses.

Despite the restrictions that some countries maintain regarding cryptocurrency transactions or their adoption as legal currency, other countries take the risk of incorporating bitcoin trading as an alternative into their economy and financial system.

The International Monetary Fund maintains a position of caution and control in this regard, due to the security vulnerability in the cryptographic market.

Recently, at the request of the Indian presidency of the G20, the organization issued a document that includes a series of recommendations on the risks associated with cryptocurrency transactions.

M.Pino

Source: cointelegraph

(Reference image source: Jonathan Borba, Unsplash)

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La entrada Singapore authorizes Coinbase operations apareció primero en Bitfinance.

The Monetary Authority of Singapore (MAS) announced the pre-selection of 15 participants for the “Global CBDC Challenge”, from which a team for the development of an internal retail cryptocurrency will result.

The announcement reflects the participation of six local companies, four from the United States, one from Australia, and one from Barbados, Germany, France and Switzerland.

Of this group, there will be three companies that will finally work on the development and implementation of a retail CBDC in Singapore.

This initiative will be complemented by a cash award of $ 37,000. As discussed in a previous announcement, the 15 finalists will be mentored by MAS and “will be given access to the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.”

Singapore authorities made moves in favor of cryptocurrencies throughout 2021. Recently, MAS gave “approval in principle” to the Australian crypto exchange Independent Reserve, allowing the firm to “operate as a regulated provider of digital payment token services. (DPT).“

K. Tovar

Source: Cointelegraph

La entrada Singapore selects companies for CBDC development apareció primero en Bitfinance.