The Sing-headquartered division of the US crypto exchange Coinbase managed to obtain an “in-principle approval” to offer crypto services locally from its central bank, the Monetary Authority of Singapore (MAS).

Specifically, Hassan Ahmed, the Head of Coinbase Singapore and the exchanges’ regional director for Southeast Asia, said Singapore is a key institutional market for the exchange in Asia because firms there keep on displaying interest in and gain exposure to crypto.

The city-state also functions as Coinbase’s Asia-Pacific tech hub, with an on-the-ground team of engineers in charge of its global expansion efforts and platform localization, per Ahmed. 

Coinbase was already offering services including its institutional platform under an exemption granted provided by MAS, but Ahmed claimed it would prefer teaming up with local platforms and widen the scope of its fiat capabilities with its new greenlight, to provide Digital Payment Token services.

The exchange says it’s undertaking ongoing work with local Web3 community groups such as the Association of Crypto Currency Enterprises and Start-ups Singapore (ACCESS) and the Singapore Fintech Association (SFA).

Ahmed further shared details of its ongoing collaboration with the local sector in Singapore to make sure fair laws from regulators and offer data to a youth-centric nonprofit, Advisory.sg.

“We collaborate with industry associations to promote dialogue with policymakers, and ensure balanced regulations, and a pragmatic approach to regulatory framework for digital assets. On the employment side, crypto as an industry is exciting but often confusing, so we are working with career exploration non-profits like advisory.sg to provide guidance to their members.” Ahmed additionally remarked. 

Coinbase has reportedly witnessed an interest regarding the Asia-Pacific expansion, with a local entity in Japan since August last year and an Oct. 5 expansion of its retail-focused services in Australia.