Coinbase Obtains Major Payment Institution License from the Monetary Authority of Singapore
Crypto giant Coinbase has secured the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to offer its Digital Payment Token services to retail and institutional players in Singapore. This move comes as Singapore emerges as a key hub for the cryptocurrency and Web3 economy, with a significant percentage of residents owning or currently owning cryptocurrencies and viewing crypto as the future of finance.
In its official blog post, Coinbase emphasized its commitment to the broader Web3 ecosystem in Singapore, including training and hiring initiatives, fostering relationships with industry associations, and making region-specific investments. Coinbase has been making a push into overseas markets, particularly Singapore, amid regulatory scrutiny in the US. It has partnered with local developer communities and key partners and will be conducting workshops at prestigious universities in Singapore.
Hot Take: Coinbase Expands into Singapore’s Thriving Crypto Market
Coinbase’s acquisition of the Major Payment Institution license from the Monetary Authority of Singapore is a significant development that strengthens its presence in the country’s thriving crypto market. With a high percentage of residents already involved in cryptocurrencies and viewing them as the future of finance, Singapore is an ideal market for Coinbase to expand its services.
This move also demonstrates Coinbase’s commitment to supporting and investing in the broader Web3 ecosystem in Singapore. By partnering with local developer communities and universities, Coinbase aims to foster innovation and growth in the crypto industry.
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