Coinbase Secures Major Payment Institution License in Singapore
Crypto exchange Coinbase has obtained a full major payment institution (MPI) license under Singapore’s Payment Services Act. This milestone comes nearly a year after Coinbase received preliminary approval from the Monetary Authority of Singapore (MAS). With this license, Coinbase is now authorized to offer digital payment token services in Singapore.
Expanded Crypto Payment Services
The MPI license allows Coinbase to provide a range of crypto payment services to both individuals and institutions in Singapore. Currently, the exchange offers trading and staking services to its users. Staking involves temporarily locking up users’ digital tokens to validate blockchain transactions and earn additional tokens as rewards.
Singapore as a Priority Market
According to Hassan Ahmed, the country director of Coinbase Singapore, the local team consists of around 100 professionals covering various roles. Coinbase sees Singapore as a crucial market due to its progressive economic strategies and regulatory approach aligning with their global mission. A recent survey conducted by Coinbase showed that 25% of Singaporeans consider cryptocurrency as the future of finance.
Investment in Web3 Startups
Singapore serves as Coinbase’s Asia Pacific technology hub, and the company has actively invested in over 15 Web3 startups in the region through its investment arm, Coinbase Ventures. Despite regulatory challenges and an ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC), Coinbase reported improved financial results in August.
Hot Take: Coinbase Expands Presence in Singapore’s Crypto Market
Coinbase’s acquisition of a major payment institution license in Singapore solidifies its position in the country’s growing crypto market. With authorization to offer diverse crypto payment services, including trading and staking, Coinbase aims to cater to both individual and institutional users. The company’s focus on Singapore as a priority market is driven by the country’s progressive economic strategies and positive perception of cryptocurrencies among its citizens. Additionally, Coinbase’s investment in Web3 startups further demonstrates its commitment to fostering innovation in the region. Despite regulatory challenges, Coinbase continues to thrive and expand its presence globally.
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