Shalini Nagarajan

Coinbase has obtained a full license in Singapore, allowing the crypto exchange to broaden its offerings to both individual users and institutional clients in the city-state.



The company scored its Major Payment Institution (MPI) license about a year after Singapore&#8217;s central bank <a href="https://blockworks.co/news/coinbase-secures-crypto-payments-license-in-singapore">granted preliminary approval</a>.



On Sunday, the company <a href="https://www.coinbase.com/blog/coinbase-obtains-major-payment-institution-licence-from-the-monetary">highlighted</a> the importance of Singapore within the crypto industry, pointing out that 25% of local residents surveyed view cryptocurrency as the future of finance, and 32% have owned or currently own crypto assets.



“From our initial involvement in the Lion City, we&#8217;ve identified Singapore as a vital market for Coinbase,” the exchange said in a statement.



“The nation&#8217;s progressive economic strategies and approach to regulation sync well with our global mission and objectives,” it added.



Obtaining a license for a cryptocurrency company in Singapore is a <a href="https://blockworks.co/news/crypto-singapore-license-standards">challenging process</a>.&nbsp;



The Monetary Authority of Singapore (MAS), responsible for regulating crypto business licenses, only grants approval to applicants who have strong anti-money laundering measures in place, according to its director of corporate communications, Dawn Chew.



After implementing initiatives to reduce the risks posed by crypto to customers, Singapore will establish one of the strictest regulatory regimes in the world governing retail access to cryptocurrencies, Chew has said.



A limited group of companies, such as Blockchain.com, Circle Internet Singapore, Crypto.com, and Revolut, have so far managed to secure an MPI license for digital payment token services.



Just about a week ago, Coinbase <a href="https://blockworks.co/news/coinbase-bank-of-spain-vasp-crypto-exchange">obtained registration</a> in Spain, granting it the ability to function as a crypto exchange and wallet service provider within the country.&nbsp;



Coinbase also recently <a href="https://blockworks.co/news/coinbases-international-exchange-futures-retail">extended access to its perpetual futures service</a> to non-US retail users due to significant institutional trading volume exceeding $5.5 billion in the second quarter.



As Coinbase continues its global expansion efforts, it is actively pushing for crypto-related legislation within the US. 



In September, the exchange <a href="https://blockworks.co/news/coinbase-campaign-us-crypto-legislation">launched a campaign</a> urging crypto users to reach out to their Congressional representatives and request the enactment of well-defined legislation in this field.



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Coinbase

Coinbase expands regulatory moat with Singapore license

Sebastian Sinclair

Binance said Tuesday it has become the first crypto exchange to secure full licensure in El Salvador, a milestone the company is hoping will help buoy international regulatory challenges and gain approvals in foreign markets.



The Central Reserve Bank and the National Commission of Digital Assets granted Binance the country’s Bitcoin Services Provider license (BSP) and the first non-provisional Digital Assets Services Provider license (DASP) respectively, according to a statement.



It comes after months of communication with relevant authorities across El Salvador, Min Lin, Binance’s head of Latin America, said in the statement. The hope is that El Salvador’s market will help shore up losses across foreign markets.&nbsp;



The country became the first globally to recognize bitcoin as legal tender in 2021 following the passage of its Bitcoin Law. Under the law, entities or individuals offering crypto services are mandated to register with the central bank. There are currently more than <a href="https://registrobitcoin.bcr.gob.sv/web/proveedores-registrados" target="_blank" rel="noreferrer noopener">90 entities registered</a>, though Binance claims it is the first to hold both BSP and DASP licenses.



Its licensure is part of the company’s ongoing plans to secure local permissions in key international markets, Binance said. The exchange currently holds approvals across 18 jurisdictions, including France, Italy, Spain, Sweden, and Dubai, among others.



Still, the exchange’s expansion efforts have not been without its hurdles.&nbsp;



On August 1, Nigeria&#8217;s Securities and Exchange Commission <a href="https://blockworks.co/news/nigeria-binance-warning">issued a warning</a> against a Binance imposter, although the Nigerian regulator noted Binance.com, the global exchange&#8217;s URL, was “neither registered nor regulated” in the country.



Binance has also been <a href="https://blockworks.co/news/binance-exits-european-markets">forced to withdraw</a> from several European countries this year, including Germany and the Netherlands, citing difficulties in registration and compliance with the regulatory landscape.



The withdrawal followed BaFin&#8217;s decline to grant a license to Binance in Germany, and the company&#8217;s failure to register as a virtual asset service provider in the Netherlands. Binance also scaled back its operations in Cyprus in July, attempting to navigate compliance with <a href="https://blockworks.co/tag/mica" target="_blank" rel="noreferrer noopener">new EU regulations</a>.



Adding to its challenges, Binance lost <a href="https://blockworks.co/news/binance-loses-exec-trio">three key executives</a> on July 9, as it continues to fend off regulatory probes worldwide. Departing executives include General Counsel Hon Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie.&nbsp;



Eleanor Hughes, a former Asia Pacific-based legal executive, has since filled Binance&#8217;s open general counsel seat. Hillmann and Christie both expressed positive sentiments at the time of their departure.



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Binance

Binance becomes regulated exchange in El Salvador

Singapore&#8217;s central bank granted a major payment institution license to crypto exchange Blockchain.com on Aug. 1.



A Major Payment Institution (MPI) license permits the unrestricted offering of payment services, including digital payment token services and cross-border transfers, without limits on transaction volumes.



This progress follows an <a href="https://blockworks.co/news/blockchain-com-scores-singapore-license">in-principle approval given to Blockchain.com</a> by the Monetary Authority of Singapore in Sept. 2022.&nbsp;



That approval implies that both individuals and institutions are permitted to use digital payment token services, and the firms offering these services are regulated by the central bank under its Payment Services Act.



Competing exchange Crypto.com also <a href="https://crypto.com/company-news/crypto-com-obtains-major-payment-institution-licence-from-monetary-authority-of-singapore" target="_blank" rel="noreferrer noopener">received</a> the MPI license in June, marking the completion of the regulatory process. It was <a href="https://blockworks.co/news/https-blockworks-co-crypto-com_receives_approval">given in-principle approval</a> around the same time last year.



Ripple Labs recently <a href="https://blockworks.co/news/ripple-payments-singapore"><a href="https://blockworks.co/news/ripple-payments-singapore">secured a similar preliminary license</a></a> in Singapore, enabling the firm to provide crypto products and services across the entire city-state.



Blockchain.com said in its <a href="https://www.prnewswire.com/news-releases/blockchaincom-receives-major-payment-institution-license-from-monetary-authority-of-singapore-301895088.html" target="_blank" rel="noreferrer noopener">announcement</a> on Monday that Singapore serves as a significant center for its exchange, catering to worldwide institutional clients and accredited investors engaged in Over-the-Counter (OTC) Spot and Agency Execution trading.



Singapore is working to establish itself as a key player in the crypto industry, backed by funding commitments and additional regulatory rules to safeguard customers.



On Aug. 7, the MAS <a href="https://www.mas.gov.sg/news/media-releases/2023/mas-commits-up-to-s%24150-million-for-technology-and-innovation-in-financial-sector" target="_blank" rel="noreferrer noopener">said</a> it will allocate $112 million (about 150 million Singapore dollars) to aid the fintech sector, inclusive of those operating in the Web3 space.



Established in 2011, Blockchain.com has managed to secure a total of $490 million from seven funding rounds, according to <a href="https://www.crunchbase.com/organization/blockchain-info/company_financials" target="_blank" rel="noreferrer noopener">data</a> from Crunchbase. The firm&#8217;s investor base includes Baillie Gifford, Kyle Bass, Vy Capital, Lightspeed Venture Partners and the Digital Currency Group.



Last year, amid challenging market circumstances, the company <a href="https://blockworks.co/news/blockchain-com-slashes-25-of-workforce-cuts-exec-compensation">laid off about 150 staff members</a>, representing 25% of its workforce, and also chose to halt its plans for further global expansion. It was reportedly owed $270 million by the troubled hedge fund Three Arrows Capital.



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Blockchain.com

Two crypto exchanges now have major payment license in Singapore

Katherine Ross

Hong Kong’s Securities and Futures Commission issued a warning Monday about unlicensed crypto platforms “engaging in improper practices.”&nbsp;



The warning addresses both investors as well as the unlicensed platforms themselves —&nbsp;some of whom, the SFC said, claim to have submitted an application to the regulator despite not actually complying with its rules.&nbsp;



The SFC claims that “anticipating the transitional arrangements, some unlicensed [virtual asset trading platforms] set up new entities to provide virtual asset services in <a href="https://blockworks.co/tag/hong-kong">Hong Kong</a>.“



Some of the VATPs claiming to have applied for licenses “may not be in compliance with the legal and regulatory requirements under the new regime,” the SFC <a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR87">continues</a>.&nbsp;



The SFC maintains a <a href="https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms">list</a> of licensed crypto exchanges. Only two are listed currently: HashKey and OSL Exchange.



Read more: <a href="https://blockworks.co/news/hong-kong-crypto">Why Hong Kong could be crypto&#8217;s next &#8216;center of gravity&#8217;</a>



“Other unlicensed VATPs may have publicly announced an intention to apply for a license from the SFC,” but have not done so, the warning to investors continues.



Hong Kong regulators laid out a licensing program earlier this year and <a href="https://blockworks.co/news/hong-kong-to-lift-crypto-ban">lifted the crypto retail trading ban </a>back in May as it gears up to be more of a crypto hub.



However, neither existing nor new entities can “launch certain virtual assets for trading by retail clients” or offer services in digital asset derivatives. Deposits, savings or earnings “arrangements” are also banned under the current regulatory structure.



While it is a crime for a crypto platform to market itself as licensed when it’s not, the SFC further noted that any platforms caught claiming to be applying for a license or having received a license would be penalized if they were to ever pursue actual approval with the SFC.



In addition to releasing regulatory framework, Hong Kong has also been <a href="https://blockworks.co/news/hong-kong-banks-embrace-crypto">pushing for major banks to take on crypto exchanges</a> as clients to encourage further innovation.



As the Hong Kong Monetary Authority said in an April letter: “Maintaining safe and efficient banking system[s] and promoting access to basic banking services for legitimate businesses are key priorities.”



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Hong Kong

Hong Kong regulator issues warning about unlicensed crypto platforms

Binance has finally locked down a digital asset license in Southeast Asia after partnering with a local business in Thailand to establish an exchange there.



Dubbed Gulf Binance, the initiative is a collaboration between the world’s largest crypto exchange and Gulf Innova Co, a wholly-owned Thai subsidiary of publicly listed holding company Gulf Energy.



It follows a <a href="https://blockworks.co/news/binance-seeks-to-establish-thai-crypto-exchange-following-mou-with-local-business">year-long effort</a> for Binance to reestablish a foothold in the country after being booted out for operating without a license amid criminal complaints from Thailand’s securities regulator.&nbsp;



It’s also the first license Binance has secured across the region, despite continuing to operate in several countries such as the Philippines without <a href="https://forkast.news/headlines/no-legal-basis-to-ban-binance-philippines/#:~:text=The%20Philippines'%20Department%20of%20Trade,)%2C%20the%20nation's%20central%20bank." target="_blank" rel="noreferrer noopener">appropriate licensure</a>.



The agreement between the pair, laid out in January of last year, was designed to allow the exchange a viable pathway to reenter by assuaging those concerns through a domestic and publicly regulated business.&nbsp;



It’s a marked change from previous efforts from the major exchange which, <a href="https://blockworks.co/news/binance-says-singapore-license-withdrawal-due-to-redundancy-not-aml-shortcomings">in the past</a>, has operated without licensure at the risk of souring relationships with country officials and watchdogs.



Just last month, Binance had its derivatives license canceled in Australia over allegations it had mislead retail investors by allowing them to pick up risky products designated for <a href="https://blockworks.co/news/binance-loses-australia-license">wholesale clients</a>.



By partnering together, Binance and Gulf are hoping to draw in domestic users to what they’re calling a “compliant-first exchange,” a statement on Friday reads.



Approximately 4.3 million individuals, equivalent to 6.47% of the total population in Thailand, own some form of crypto, according to data provided by <a href="https://triple-a.io/crypto-ownership-thailand-2021/" target="_blank" rel="noreferrer noopener">Triple-A</a>.



Richard Teng, Binance’s regional head of Asia, Europe and MENA said those same users would be able to expect “access to a trusted and regulated service.”



Thailand stands as “a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology,” Teng said in the statement.



Further details on its business operations are expected to be made available closer to the exchange’s launch date in the fourth quarter of this year.



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Binance Gets Greenlight to Operate Exchange in Thailand

Britain&#8217;s most valuable fintech company, Revolut, faces a significant setback as the Bank of England reportedly prepares to reject its application for a banking license.&nbsp;



It follows a review of the company’s internal IT systems which were found to be insufficient in assuring revenue streams from different areas of its business including <a href="https://www.telegraph.co.uk/business/2023/03/01/revolut-posts-first-profit-wake-crypto-trading-surge/" target="_blank" rel="noreferrer noopener">crypto trading</a> revenues, its accounting firm BDO said last month.



After a two-year campaign, the Prudential Regulation Authority (PRA), responsible for licensing, informed the government of its intention to deny Revolut’s application. The decision also comes amid concerns over Revolut&#8217;s balance sheet and a qualified audit opinion on overdue accounts, local media <a href="https://www.telegraph.co.uk/business/2023/05/18/bank-england-reject-revoluts-bid-banking-licence/" target="_blank" rel="noreferrer noopener">The Telegraph</a> reported Thursday. 



PRA has instructed Revolut to produce a set of accounts with an audit opinion and simplify its share structure before the license could be granted. The regulator had previously informed the UK government of its plans to issue a notice to Revolut in March.



To date, no warning notice has yet been issued, but backroom discussions are now underway in an attempt to salvage the license application, per the report.



In any case, a denial of its banking license is only expected to affect its offerings of mortgages and loans to UK customers, while its crypto services are expected to remain unaffected.



In March, BDO, one of the UK&#8217;s top accounting firms, said it was unable to fully verify £477 million ($591 million) of Revolut&#8217;s revenues for 2021 due to internal system deficiencies. This amount represents over two-thirds of Revolut&#8217;s total revenues of £636 million ($789 million) for the year.



Revolut, which provides neobanking services, recently <a href="https://blockworks.co/news/revolut-crypto-staking-rewards">doubled down</a> on its crypto offerings, including furthering its push with staking rewards to customers across the UK and Europe.



The fintech unicorn, which has raised $1.8 billion over 19 rounds and is valued at roughly $33 billion, first began offering crypto in 2017 by allowing users to acquire bitcoin, ether and litecoin.



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Licenses

Revolut Could See License Application Denied, But Crypto Offerings Unaffected

Ornella Hernandez

<div id="highlights-block_62fb90fb5110b" class="highlights">
 <ul>
 <li>Moonbirds’ move to a Creative Commons Zero license sparked debate</li>
 <li>Meebits and CryptoPunks collections have updated the terms of service to extend commercial rights use away from creators and to NFT holders</li>
 </ul>
 
</div>



The popular NFT collection, Moonbirds, recently rescinded its holders’ full commercial art rights over the NFTs they own.&nbsp;



Announced via a <a href="https://twitter.com/kevinrose/status/1555262099093200896?s=20&amp;t=OsBUkskNyNnITovpSiPXIQ" target="_blank" rel="noreferrer noopener">Twitter thread</a> by the project founder, Kevin Rose, the move to a Creative Commons Zero (CC0) license stripped holders of any claim to copyright on the intellectual property (IP) and lets the public reuse the image of a Moonbird or Oddity. 



Rose tweeted this move “honors and respects the values of the internet and web3” and “sets Moonbirds and Oddities free” to embrace the CC0 movement.&nbsp;



The greater Moonbirds community was shaken up, and the floor price of the collection has gone from 18 ETH on the day of the announcement on Aug. 4 to 12 ETH at the time of publication. Moonbirds’ trading volume on OpenSea makes it the ninth-most traded collection of all time.&nbsp;



One Moonbirds collector, NFTbark, <a href="https://twitter.com/NFTbark/status/1556980583028359168?s=20&amp;t=gqom_N55hzoFdSAt8aGmRQ" target="_blank" rel="noreferrer noopener">tweeted</a> that many of his friends have sold their NFTs in response. Although he remains hopeful, he said, “this isn’t about cc0. It’s about a loss of trust.”  



The main criticism against the sudden license switch is that it was done without the consent of the community members. The Moonbirds founders, however, acted in their legal right.&nbsp;&nbsp;



According to its terms of service, NFT holders were always subject to whatever the creators decided in the context of commercial rights concerning the image of the NFTs. Moonbirds creators could legally adjust the license without consent from the community.



The fact that creators had given holders the right to own an NFT does not mean that the owners cannot later on give others access to it too, explained Teddy Bornstein, general counsel at authenticated NFT marketplace Ethernity Chain. Any commercial rights that they were given are no longer valid. “Now they’re useless since they put those same rights in the public domain,” he said.&nbsp;



There’s a distinction between NFT collectibles and PFPs versus NFT art, according to Hugh Heslep, Chief Operating Officer of NFT art company Art Blocks.



“When you think of Moonbirds, you don&#8217;t think about the artist&#8217;s name. You don&#8217;t think about the art itself. You think about [Moonbirds’ parent company] Proof Collective. You may think about Kevin himself,” Heslep told Blockworks.



He added that CC0 “may make sense” if the purpose is to expand the community and to create digital assets that can drive utility and value.”&nbsp;



<h3 class="wp-block-heading">Evolving licensing models for blue chip NFT companies</h3>



Moonbirds has sparked a greater conversation about the pros and cons of different licensing models.&nbsp;



Each of the top NFT projects varies in its terms of service. Yuga Labs’ Bored Ape Yacht Club (BAYC), for example, grants holders unlimited commercial rights to use, copy and display the purchased art for the purpose of creating derivative works.



This allowed the founders of the Bored &amp; Hungry burger restaurant in California and the project Jenkins the Valet: The Writer&#8217;s Room to turn their Apes into the faces of their businesses.



One of the main advantages of owning an NFT is, arguably, the right to own the IP. However, building and marketing a brand from scratch is no walk in the park.&nbsp;



That’s where CC0 comes in. It lets other people do the building and marketing on behalf of an NFT holder.



The Nouns NFT project is an example of a popular CC0 collection, with plenty of derivative projects and merch made by non-holders that use Nouns IP.&nbsp;



Similar to open source software, when the IP is open, anyone can reuse, repurpose and distribute the NFT’s image.



The IP of Doodles NFTs, on the other hand, is company-owned. This model prevents individual NFT holders from monetizing their NFTs and instead allows community members to earn passive revenue via limited and non-exclusive access to NFT images.



Noodles, a collection created in homage to instant noodles, was Doodles’ first officially approved derivative project. Doodle holders can participate in the Doodles community treasury, known as the Doodlebank, and vote on how to use the funds for community experiences, collaborations and new projects.&nbsp;



<h3 class="wp-block-heading">CryptoPunks get new terms&nbsp;</h3>



CryptoPunks IP agreement was also company-owned until Monday. Larva Labs had originally retained the intellectual property rights to their creations, but since Yuga Labs acquired the IP of CryptoPunks and Meebits in March, the company foreshadowed BAYC-esque licensing rights.



<a href="https://cms.blockworks.co/tiffany-co-turns-cryptopunks-into-12-5m-luxury-jewelry-sale/" target="_blank" rel="noreferrer noopener">CryptoPunks’ first derivative project</a>, approved by but not officially affiliated with CryptoPunks, was the <a href="https://cms.blockworks.co/tiffanys-wants-cryptopunk-holders-to-buy-matching-bling-for-50k-eth/" target="_blank" rel="noreferrer noopener">Tiffany &amp; Co. NFTiff campaign</a> that let Punk owners manufacture their Punk into a physical pendant necklace for 30 ETH.  



Noah Davis, CryptoPunks’ brand lead, called the NFTiff project a “great illustration of what Punks are soon going to be able to do.”



When asked about his view on CC0, Davis said, “Not all projects were meant to be CC0 projects. It&#8217;s not a one size fits all thing.”&nbsp;&nbsp;



Both CryptoPunks and Meebits will now tie the IP rights to the NFTs. Meebits explained what these changes mean in a Twitter thread: “All Meebit IP rights will travel with whoever is the current owner, but allows for former owners to continue to use and profit off what they have already created and published.”



Yuga Labs does reserve the right to make further changes to the licensing terms, <a href="https://twitter.com/MeebitsNFTs/status/1553837379785482243" target="_blank" rel="noreferrer noopener">the thread said</a>.



“Don’t panic. This is there only because we are breaking new ground and need to be flexible in order to best serve the community,” it said.



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<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
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CryptoPunks

From Moonbirds to CryptoPunks, Terms of Service Are Changing

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 <ul>
 <li>BTC Markets&#8217; sister company, BTCM Payments, has been awarded a financial services license from the securities regulator</li>
 <li>It marks the first time such a license has been handed to a crypto company in Australia</li>
 </ul>
 
</div>



Major Australian crypto exchange BTC Markets said Monday it has become the first of its kind in the country to receive a financial services license via its sister company.



The Australian Financial Services Licence (AFSL), issued by the Australian Securities and Investments Commission (ASIC), has been awarded to BTCM Payments, according to a statement. The license paves the way for BTC Markets to provide non-cash payment products and general financial advice.



 As part of the conditions surrounding licensure, BTC Markets has been appointed as an authorized representative. For <a href="https://opengovau.com/company/643241829" target="_blank" rel="noreferrer noopener">BTCM Payments</a>, which was registered on August 5, 2020, it marks an almost two-year journey to be granted an AFSL via ASIC, where it was said to be &#8220;engaging in robust and productive discussions.&#8221;



BTC Markets said the move will allow it to more closely bridge the crypto and traditional finance gap while offering new products to its customers. In Australia, those businesses offering financial services, advice and products must register for a license via ASIC.



Crypto remains excluded from the list of those companies required to apply for a license due to lagging regulations around digital assets within the country, though that is expected to change sometime next year.



&#8220;Our preference has always been to own our own AFSL rather than buying an existing one from a license holder,&#8221; BTC Markets CEO Caroline Bowler said. &#8220;We’re now the masters of our own destiny — we have a clean slate and full control over the AFSL.&#8221;



Bowler also said the license would prepare the exchange business for impending regulation and would bolster BTC Markets&#8217; existing ISO certification while complementing its progress in obtaining a voluntary compliance standard for service organizations (SOC 2).



It&#8217;s the latest win for the seasoned crypto marketplace which began operating nearly a decade ago. Earlier this year, the exchange inked a deal with stockbroker <a href="https://cms.blockworks.co/australian-broker-selfwealth-taps-btc-markets-to-offer-crypto-in-country-first/" target="_blank" rel="noreferrer noopener">SelfWealth</a>, establishing it as the first traditional brokerage firm in the country to offer crypto to its clients.



&#8220;From an industry perspective, we’re seeking to demonstrate how crypto can sit alongside traditional finance to seamlessly work together in a financially inclusive future,&#8221; Bowler said.



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