Coinbase Expands in Singapore with New Payment License
Coinbase has received a new payment license from the Monetary Authority of Singapore, allowing it to expand its Digital Payment Token service to institutions and individuals in the country. The approval for Coinbase in Singapore caused its shares to rise by 5% in pre-market trade. This license is seen as a boost for the exchange in pursuing business with traditional financial institutions.
Major Payment Institution License Granted
Coinbase obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, one year after receiving in-principle approval. The exchange sees Singapore as a vital market and believes that the nation’s economic strategies and regulatory approach align with its global mission and objectives.
Coinbase’s Expansion in Singapore
Coinbase’s venture capital arm has been investing in Web3 startups in Singapore for three years. In 2022, the exchange established a tech hub in the country and hired engineers and product managers to work on Web3 solutions. With a significant number of Singaporeans considering cryptocurrency as the future of finance, Singapore has become an important location for the industry.
Hot Take: Coinbase Strengthens Presence in Singapore
The granting of the MPI license by the Monetary Authority of Singapore is a significant development for Coinbase. It allows the exchange to expand its services to both institutions and individuals in Singapore, positioning it for further growth and partnerships with traditional financial institutions. This move demonstrates Coinbase’s commitment to establishing a strong presence in key global markets, particularly those that embrace digital innovation and regulation. With increased adoption of cryptocurrency among Singaporeans, Coinbase is well-positioned to capitalize on this growing market.
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