Coinbase Receives Major Payment Institution License in Singapore
Coinbase Singapore has recently been granted a full Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This license allows Coinbase to offer digital asset payment services in Singapore, joining other crypto-related firms operating in the country.
After receiving in-principle approval from MAS last year for trading and staking services, Coinbase has now obtained the full payment license under Singapore’s Payment Services Act. With this license, Coinbase can expand its services and provide Digital Payment Token offerings to both individual and institutional customers.
Targeting Individuals and Institutions
The MPI license enables Coinbase to amplify its services in Singapore and cater to a wide range of customers. The company sees Singapore as an ideal market due to the country’s progressive stance on crypto regulation, positive user sentiment towards digital assets, and a thriving Web3 ecosystem with over 700 companies.
Coinbase expressed its commitment to not only offering cryptocurrency products and services but also supporting the broader Web3 ecosystem in Singapore.
Commitment to the Singapore Market
Coinbase plans to strengthen its presence in Singapore by conducting training and hiring initiatives at its tech hub. The company aims to build strong relationships with industry associations like ACCESS, the Blockchain Association of Singapore, and the Singapore Fintech Association.
In addition, Coinbase will sponsor industry initiatives such as Ethereum Singapore and participate in Web3 workshops at prestigious universities like Nanyang Technological University, Singapore Management University, and the National University of Singapore.
Hot Take: Coinbase Expands Its Footprint in Singapore
Coinbase’s acquisition of a full Major Payment Institution license from MAS is a significant milestone that allows the company to offer comprehensive digital asset payment services in Singapore. With its commitment to both individual and institutional customers, Coinbase aims to leverage Singapore’s progressive regulatory environment and vibrant Web3 ecosystem. By actively participating in industry associations and supporting educational initiatives, Coinbase is positioning itself as a key player in the growing crypto economy of Singapore.
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