October 12, 2022: -U.S. cryptocurrency exchange Coinbase received a critical regulatory license in Singapore as it ramps up expansion overseas, the company said on Tuesday.

The central bank of the country, the Monetary Authority of Singapore, blessed Coinbase with an in-principal approval to provide regulated digital token products and services in the island state.

Coinbase’s regulatory authorization comes as the crypto market remains under pressure. Around $2 trillion has been wiped off the value of the market, with significant tokens like bitcoin and ether in the red this year.

Contagion from the collapse of significant projects and bankruptcies across firms has spread across the industry. Coinbase announced in June it was laying 18% off its workforce.

Still, the U.S. business has pushed ahead with international expansion and is seeking to hire people across new markets in Europe.

Coinbase has been making steady investments in Singapore. Last year, the company announced that Singapore would be one of its tech development hubs. The island state is also the hub for Coinbase’s business focused on institutional investors in the Asia-Pacific region.

“Gaining this in-principal approval from MAS is an important step, as we plan to launch our full suite of retail, institutional, and ecosystem products,” Coinbase said in a blog post on Tuesday.

MAS has supported 15 companies as Singapore looks to build its reputation as a regulated international hub for the cryptocurrency enterprise.

While the central banks have warned about the “speculative” risks of cryptocurrencies and have tried to tighten trading rules for retail investors, it is still trying to entice businesses to set up shop in Singapore.