Coinbase Obtains Significant Payment Institution License in Singapore

Coinbase Secures Major Payment Institution License in Singapore

Coinbase, a leading US-based crypto exchange, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant milestone in its international expansion efforts. With this regulatory approval, Coinbase can now offer its digital payment token services to individuals and institutions in Singapore.

Positive Outlook Despite Skepticism

This development comes at a time when Singapore’s new president-elect, Tharman Shanmugaratnam, has expressed skepticism towards crypto and blockchain technologies. However, the MPI license is a crucial step for Coinbase in its commitment to the Singaporean market.

Singapore’s Crypto Potential

Over 30% of Singaporeans consider cryptocurrency as the future of finance, with 32% having owned or currently owning crypto assets. Moreover, Singapore is home to over 700 Web3 companies, making it an important market for the growth of the crypto and Web3 sector.

Coinbase’s Focus on Singapore

Coinbase has identified Singapore as a priority market due to its progressive economic strategies and regulatory approach. The company has tailored its products and services to cater specifically to the needs of Singaporean customers. It has introduced convenient funding options like PayNow and FAST bank transfers and integrated SingPass for streamlined onboarding. Coinbase also offers no-fee USDC purchases with SGD to simplify access for Singaporean users.

Active Involvement in the Web3 Ecosystem

Coinbase goes beyond offering products and services in Singapore; it actively participates in the broader Web3 ecosystem. The company collaborates with industry associations, invests through Coinbase Ventures, and supports educational initiatives. It engages with local developers and partners like Nansen.ai, Blockdaemon, and Infura to contribute to the growth of the crypto and Web3 sector in Singapore.

Validation of Operations and Commitment

Coinbase believes that blockchain and crypto technologies empower economic freedom globally. Its collaboration with regulators, including MAS in Singapore, demonstrates its commitment to operating in a compliant and regulated manner. The MPI license serves as validation for Coinbase’s operations and signifies its dedication to supporting and growing with the Singaporean crypto and Web3 ecosystem.

Hot Take: Coinbase Expands Reach with Singapore MPI License

Coinbase’s recent acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) is a significant milestone in its international expansion efforts. This regulatory approval allows Coinbase to provide digital payment token services to individuals and institutions in Singapore. Despite skepticism from Singapore’s president-elect, Coinbase recognizes the country’s potential as a crypto-friendly market with a high adoption rate. By tailoring its products and services to cater specifically to Singaporeans, Coinbase aims to solidify its position in this progressive market. Additionally, Coinbase actively engages with the local Web3 ecosystem through collaborations, investments, and educational initiatives. The MPI license validates Coinbase’s operations and reinforces its commitment to supporting the growth of the Singaporean crypto industry.