Coinbase functions in Singapore

 Coinbase, the largest crypto exchange in the United States, said it has received approval from Singapore's central bank to offer payment services in the city-state.

The in-principle approval, which the central bank started giving out to crypto firms last year, means individuals and institutions can use digital payment token services and the firms are regulated by the central bank under its Payment Services Act.

"We see Singapore as a strategic market and a global hub for Web3 innovation," said Hassan Ahmed, Coinbase's regional director for Southeast Asia.

The hedge fund had taken a hit from the collapse of cryptocurrencies Luna and TerraUSD in May. Both coins were developed by Terraform Labs, which was incorporated in Singapore. Terraform Lab's founder Do Kwon is currently wanted by the South Korean police.

The chief of the MAS has, however, sought to distance Singapore from these firms and said in July that companies like Three Arrows and Terraform Labs were "so-called Singapore-based" firms that had "little to do" with the city state's crypto regulations.

Singapore plans to roll out new regulations that will make it more difficult for retail investors to trade cryptocurrencies.

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