Coinbase Received a Key Regulatory License in Singapore

Coinbase, a cryptocurrency exchange based in the United States, announced on Tuesday that it had secured a critical regulatory license in Singapore as it expands internationally.

The island state’s central bank has awarded Coinbase preliminary authorization to supply regulated digital token products and services.

Coinbase’s regulatory license comes while the cryptocurrency market remains volatile. With key tokens like bitcoin and ether in the red this year, the market’s worth has been reduced by almost $2 trillion.

Contagion from the failure of big projects and corporate bankruptcies has spread throughout the industry. Coinbase said it would cut off 18% of its employees.

Nonetheless, the US exchange has pressed ahead with foreign expansion and is looking to hire in new European regions.

Coinbase has made consistent investments in Singapore. The corporation stated last year that Singapore would be one of its tech development hubs. The island state is also Coinbase’s Asia-Pacific institutional investor business headquarters. As Singapore seeks to establish itself as a regulated worldwide center for the cryptocurrency business, the MAS has granted such permits to 15 different firms.

The Bitcoin price has been falling recently, particularly if the hawkish FED maintains an upward adjustment of inflation rates. As a result, bitcoin may go below $19,000 in the next few days. As a result, if the market reacts to the Fed’s hawkishness with selling pressure, Bitcoin is likely to fall this week. However, Bitcoin will be stable this week, assuming the market continues to tranquil.

Litecoin (LTC), like Bitcoin, is projected to fall this week due to the FED’s aggressive stance. The minutes’ release has already sunk the crypto market, and Litecoin is one of the coins affected today. At the time of writing, Litecoin was already down 2.6%. If interest rates rise, the price of Litecoin (LTC) will certainly fall rapidly.

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