Coinbase Secures Major Payment Institution License from MAS
US-based cryptocurrency exchange Coinbase has obtained a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Coinbase to offer regulated digital payment token (DPT) products and services to individuals and institutions in Singapore.
Expanding Offerings to a Broader Spectrum of Clients
The MPI license enables Coinbase to expand its DPT services to a wider range of clients. The company expressed gratitude towards MAS for their role in this achievement, highlighting the license as a validation of their operations and commitment to the crypto community in Singapore.
Joining Other Approved Firms
Coinbase joins over a dozen firms that have received both MPI and in-principle approvals from MAS. Notable recipients of the full license include crypto.com and Circle, who obtained it in June.
Enhancing Local Integration
In order to better integrate with the local market, Coinbase has introduced new funding options such as PayNow and FAST bank transfers. They have also implemented the SingPass onboarding system.
Investing in Web3 Startups
Singapore serves as Coinbase’s technology hub in the Asia Pacific region. Through Coinbase Ventures, the company has invested in more than 15 Web3 startups in the area.
Positive Financial Results Despite Challenges
In August, Coinbase reported improved financial results, with a narrower net loss of $97 million for Q2 compared to $1.1 billion in the previous year. However, second-quarter revenue declined by 12% compared to the previous quarter.
Hot Take: Coinbase Expands Services with Singapore MPI License
Coinbase’s acquisition of the major payment institution license from MAS marks a significant milestone for the company. With this license, Coinbase can now offer regulated DPT products and services to a broader range of clients in Singapore, including individuals and institutions. This achievement demonstrates Coinbase’s commitment to regulatory compliance and its dedication to serving the crypto community in Singapore. By expanding its offerings and investing in local integration, Coinbase aims to further solidify its position as a leading cryptocurrency exchange in the Asia Pacific region.
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