Asian stocks rose at the beginning of the last quarter

Asian stock markets had a strong start to the last quarter of the year on Monday, with futures for the S&P 500 index rising and the dollar maintaining its stability, thanks to a last-minute agreement to avoid a U.S. government shutdown.

Table of contents

European futures also rose by 0.2%.
Coinbase’s Commitment to Singapore
Crypto Adoption in Singapore

European futures also rose by 0.2%.

The benchmark Nikkei index in Japan jumped as much as 1.7% at the beginning of the session before retracting to a 0.7% gain in the afternoon. The yen also weakened to around 150 yen per dollar, which is a boon for exporters and their foreign earnings.

The eleventh-hour agreement to avert a U.S. government shutdown reached over the weekend also helped improve sentiment and lifted U.S. stock futures by 0.5% in Asia. The temporary funding bill passed over the weekend allows the government to continue operating until November 17, meaning key data releases, including the monthly jobs report due on Friday, can proceed as scheduled.

Strategists at TD Securities wrote in a client note, “Shutdown risks are only being pushed back, not eliminated.” They noted that “a sense of reduced uncertainty is likely to bring some relief to markets,” but “market volatility is likely to remain elevated as investors await the next catalyst, which is likely to be top-tier data releases.”

Japanese stocks received support from the quarterly Tankan survey conducted by the Bank of Japan, which showed an improvement in business sentiment. The broader MSCI Asia-Pacific index, excluding Japan, remained flat.

Among the major gainers were Japanese car manufacturers and electronics companies.

Toyota Motors’ stock rose by 1.4%, and Sony Group’s stock increased by 1.7%.

In the currency market, the dollar remained strong despite falling short of its recent highs, except against the yen, where it reached its highest level since October last year at 149.74 yen.

Christopher Wong, a currency strategist at OCBC, said, “Relative growth resilience in the United States and the Federal Reserve’s hawkish stance are factors that continue to support the dollar until U.S. data starts showing more concrete signs of a slowdown.”

Coinbase Expands Digital Asset Services with Full Singapore License

Coinbase, the renowned cryptocurrency exchange listed on NASDAQ under the ticker COIN, has achieved a significant milestone by securing a full major payment institution license from the Monetary Authority of Singapore (MAS). This accomplishment paves the way for Coinbase to enhance its digital asset payment services within the vibrant Singaporean market. Let’s dive into the details of this pivotal development.

A Landmark License

The San Francisco-based exchange was granted this full major payment institution license recently, marking a notable progression from the initial approval it received from MAS approximately a year ago. This regulatory green light solidifies Coinbase’s position as a major player in Singapore’s digital payment token services arena.

Singapore: A Crypto Hub in Asia

Singapore’s rising prominence as a cryptocurrency hub in Asia has attracted digital asset firms from various corners of the world, including China and India. Coinbase’s strategic move to expand its operations in Singapore aligns perfectly with this burgeoning trend.

Coinbase’s Commitment to Singapore

Mr. Hassan Ahmed, Coinbase’s country director for Singapore,
offered insights into the company’s current operations and future plans.
The dedicated team in Singapore comprises nearly 100 professionals,
spanning various roles such as product managers, engineers,
business development specialists, compliance experts, and legal professionals.
Coinbase’s responsiveness to local demand was evident when it introduced convenient funding options earlier this year, including PayNow and FAST bank transfers, in addition to the user-friendly SingPass onboarding system.

Unlocking Enhanced Services

With the attainment of this full license, Coinbase is now well-equipped to offer an array of enhanced services to both individual users and institutions. Apart from its existing trading and staking services, which involve locking up digital tokens for validation of blockchain transactions and earning rewards, Coinbase can now broaden its scope and diversify its offerings.

Coinbase Ventures and the Web3 Ecosystem

Coinbase is focused on its core services and is deeply invested in fostering innovation within the blockchain and cryptocurrency space.
The company operates an Asia Pacific technology hub in Singapore and has invested in more than 15 promising Web3 startups based in the country through its investment arm, Coinbase Ventures
. Mr. Ahmed emphasized that Singapore’s robust Web3 ecosystem, home to over 700 Web3 companies, makes it an ideal match for Coinbase’s forward-looking vision.

Crypto Adoption in Singapore

Recent survey data revealed that 32% of Singaporeans currently own cryptocurrencies or have done so in the past. Additionally, 25% of surveyed individuals in Singapore view cryptocurrencies as the future of finance. These statistics underscore the growing interest and acceptance of digital assets within the nation.

Coinbase’s Financial Performance

On the financial front, Coinbase reported a significant improvement in its second-quarter results.
The company’s net loss for Q2 decreased to $97 million,
down from a record $1.1 billion in the same period the previous year. Furthermore,
Coinbase’s revenue, though showing a 12% decline to $707.9 million,
exceeded the estimated figure of $631.2 million. Remarkably, despite the challenges,
Coinbase’s shares have more than doubled in value in 2023.

In conclusion, Coinbase’s acquisition of a full major payment institution license from MAS is a significant achievement that underscores its commitment to the Singaporean market and its ambition to offer an extended range of services. As Singapore continues to thrive as a cryptocurrency hub in Asia, Coinbase is poised to play a pivotal role in shaping the future of digital finance in the region.

Strategists at TD Securities noted that shutdown risks are being postponed, not eliminated, and market volatility is likely to remain elevated.

Japanese stocks were supported by the quarterly Tankan survey, which showed an improvement in business sentiment.

Major Japanese car manufacturers and electronics companies saw gains, including Toyota Motors and Sony Group.

In the currency market, the dollar remained strong, except against the yen.

Crude oil prices stabilized after late-week declines.

Asian stocks rose at the beginning of the last quarter

Asian stocks rose at the beginning of the last quarter

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