Coinbase, one of the leading cryptocurrency exchanges, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This significant development comes after Coinbase’s initial In Principle Approval and demonstrates their commitment to the Singapore market. The license allows Coinbase to expand its provision of Digital Payment Token services to both individuals and institutions in Singapore.
In their recent update on international expansion, Coinbase highlighted the importance of clear regulation, innovation, and user trust. The Singapore market holds great potential, with 25% of surveyed Singaporeans considering cryptocurrencies as the future of finance and 32% being current or past owners of crypto. Furthermore, Singapore is home to over 700 Web3 companies, making it a crucial market for the growth of the crypto and Web3 economy.
Coinbase has recognized Singapore as a vital market from the beginning and believes that the nation’s progressive economic strategies and approach to regulation align well with their global mission and objectives. In response to the region’s growing demands and unique market dynamics, Coinbase has actively developed products tailored specifically for Singapore. For example, they introduced convenient funding options such as PayNow and FAST bank transfers earlier this year.
To streamline the onboarding process, Coinbase integrated SingPass, Singapore’s trusted digital identity. They have also introduced no-fee USDC purchases with SGD to make it easier for Singaporean customers to get started. Coinbase is committed to reshaping the financial landscape by developing trusted products that promote the utility and adoption of cryptocurrencies. They firmly believe that blockchain and crypto technologies have the power to amplify economic freedom and opportunities globally.
Coinbase has witnessed many international markets crafting innovative policies to establish themselves as crypto hubs. Their recent achievements in Singapore, therefore, resonate even stronger. The acquisition of the MPI license not only validates Coinbase’s operations but also represents a promise and responsibility to the growing crypto and Web3 community in Singapore.
Coinbase has prioritized working with regulators in key countries as part of their international growth strategy. In the past year, they have achieved Virtual Asset Service Provider (VASP) registrations in Spain, Italy, Ireland, and the Netherlands. This latest license in Singapore further strengthens their presence and positions Coinbase as a trusted player in the global cryptocurrency industry.
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