Coinbase Obtains Major Payment Institution License from the Monetary Authority of Singapore (MAS)
Coinbase has announced that it has obtained the Major Payment Institution (MPI) license from The Monetary Authority of Singapore (MAS). This license will enable Coinbase to provide enhanced services to both individuals and institutions. The company had previously received In-Principle Approval (IPA) last year, showing its commitment to the Singapore market.
Highlighting the crypto-friendly environment in Singapore, Coinbase mentioned that 25% of surveyed Singaporeans view crypto as the future of finance, with 32% having owned or currently owning cryptocurrency. Coinbase’s presence in Singapore involves various initiatives, such as strategic investments through Coinbase Ventures, collaborations with regional partners like Nansen.ai, sponsorship of Ethereum Singapore, and organizing workshops at universities.
Earlier this year, Coinbase introduced user-centric services in Singapore, including features like PayNow, FAST bank transfers, and integration with SingPass, Singapore’s trusted digital identity system.
When reached for comment by Decrypt, Coinbase did not immediately respond.
Coinbase Goes Deep
Coinbase also praised the clarity of crypto regulations in Singapore compared to the regulatory landscape in the United States. The company is currently facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which accuses it of operating as an unregistered exchange, broker, and clearing agency.
Last year, Coinbase unveiled a strategy called “Go Broad, Go Deep” to expand into international markets. As part of its global ambitions, Coinbase International Exchange recently obtained approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures to qualified non-U.S. retail customers.
In an interview with CNBC, Coinbase CEO Brian Armstrong highlighted that 83% of G20 countries already have crypto legislation or are in the process of drafting and implementing it.
Hot Take: Coinbase Expands its Reach with Singapore License
Coinbase’s acquisition of the Major Payment Institution license from MAS in Singapore marks a significant milestone for the crypto exchange. With this license, Coinbase can now offer enhanced services to individuals and institutions in Singapore. The company’s commitment to the Singapore market is evident through its various initiatives and user-centric services introduced earlier this year.
Furthermore, Coinbase’s positive remarks about the clarity of crypto regulations in Singapore compared to the U.S. regulatory landscape highlight the challenges faced by the exchange in its home country. As Coinbase continues to expand globally, obtaining licenses and approvals from different jurisdictions will be crucial for its growth and success.
With its recent developments and plans for international expansion, Coinbase aims to position itself as a leading player in the global crypto industry, catering to a diverse range of customers worldwide.
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