Coinbase Singapore Obtains Major Payment Institution License from Monetary Authority of Singapore
Coinbase Singapore announced on October 1, 2023, that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Coinbase to expand its digital payment token services to individuals and institutions in Singapore.
Competitive and Regulated Crypto Market in Singapore
Coinbase is not the first company to secure an MPI license from MAS. Other companies such as Circle, Blockchain.com, and Crypto.com have also received this license, highlighting the competitive and regulated landscape of the crypto market in Singapore.
Singapore’s Importance in the Crypto and Web3 Space
Singapore has become a significant player in the crypto and Web3 space. Surveys show that a quarter of Singaporeans see cryptocurrency as the future of finance, and a third are either current or past crypto owners. With over 700 Web3 companies based in Singapore, it is a crucial market for the growth of the crypto and Web3 economy.
Coinbase’s Tailored Offerings for Singaporean Market
Coinbase has been proactive in catering to the Singaporean market. It has introduced convenient funding options like PayNow and FAST bank transfers. The integration of SingPass, Singapore’s trusted digital identity system, streamlines the onboarding process. Additionally, Coinbase allows no-fee purchases of USDC with Singapore Dollars (SGD).
Partnerships and Investments in the Region
Coinbase has formed partnerships and made investments in Singapore. It collaborates with local developer communities and key partners like Nansen.ai, Blockdaemon, and Infura. Many of Coinbase’s investments through Coinbase Ventures are rooted in Singapore. The company is also involved in training and hiring initiatives at its Singapore tech hub.
Shared Commitment with Monetary Authority of Singapore
The acquisition of the MPI license represents a shared commitment between Coinbase and MAS to support and grow the local crypto and Web3 community in Singapore. MAS serves as a significant regulatory partner for Coinbase.
Significance of Coinbase’s MPI License
Coinbase’s acquisition of the MPI license from MAS is a significant development that highlights its strategic focus on Singapore as a vital market. It also reflects the trend of international markets creating innovative policies to become crypto hubs. This license not only validates Coinbase’s operations but also signifies its promise and responsibility to the growing crypto and Web3 community in Singapore. Regulatory compliance is crucial in the rapidly evolving crypto market, where Coinbase competes with other key players like Circle, Blockchain.com, and Crypto.com.
Hot Take: Coinbase Expands its Presence in Singapore with Major Payment Institution License
Coinbase’s acquisition of the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) solidifies its commitment to the Singaporean market. With this license, Coinbase can offer digital payment token services to both individuals and institutions in Singapore. The city-state has emerged as an important player in the crypto and Web3 space, making it a crucial market for Coinbase’s growth. The MPI license places Coinbase in a competitive but regulated landscape alongside other authorized companies like Circle, Blockchain.com, and Crypto.com. This development showcases the significance of regulatory compliance in the evolving crypto market while underscoring Coinbase’s dedication to supporting and nurturing the local crypto community.
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