Coinbase Obtains Major Payment Institution License in Singapore
Coinbase, a leading cryptocurrency exchange, has secured a new Major Payment Institution (MPI) license in Singapore, allowing it to expand its digital asset payment services to both retail and institutional customers in the country. This license comes one year after Coinbase received an in-principle approval from Singapore’s Monetary Authority (MAS).
MPI License Validates Coinbase Operations In Singapore
According to MAS regulations, payment service providers can apply for three types of licenses. The MPI license enables them to offer payment services under the Payment Services Act 2019 (PS Act). Unlike other licensed firms, those with an MPI license are not subject to transaction limits, making it easier for them to operate.
Coinbase sees the acquisition of the MPI license as a validation of its operations in Singapore and a demonstration of its commitment to the growing web3 and crypto community. The company has been actively developing products and services specifically tailored for the Singapore market, including PayNow and FAST bank transfers launched in March 2023. Coinbase has also partnered with local blockchain companies like Infura, Nansen.ai, and Blockdaemon to expand its offerings.
Hot Take: Coinbase Expands Presence in Singapore with New MPI License
The acquisition of the Major Payment Institution (MPI) license by Coinbase strengthens its presence in Singapore’s cryptocurrency market. With this license, Coinbase can now offer its digital asset payment services to a wider range of customers, including retail and institutional users. This move not only validates Coinbase’s operations in Singapore but also showcases its dedication to supporting the growth of the web3 and crypto community.
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