Coinbase receives payment licence from Monetary Authority of Singapore
Cryptocurrency exchange Coinbase has secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Coinbase gains payment licence in Singapore
The news comes one year after the crypto heavyweight received its In Principle Approval (IPA) from the regulatory authority, enabling it to kickstart operations and offer its products and services in the country.
Coinbase identifies Singapore as a “vital” and a “priority” market for its international expansion, owing to the region’s “progressive economic strategies and approach to regulation”, as well as the presence of over 700 Web3 companies.
As part of its efforts to gain a foothold in the country, Coinbase says it has developed and released products “tailored specifically” for the Singapore market, including the launch of PayNow and FAST bank transfers earlier this year. It has also integrated SingPass (the country’s digital identity system for its residents) to enable streamlined onboarding and introduced no-fee USDC purchases through Singapore dollars (SGD).
Additionally, Coinbase says it has also led training and hiring initiatives in Singapore, invested in 15 start-ups in Singapore through Coinbase Ventures, and is also building partnerships with key local associations and partners.
“This development, coming after our initial In Principle Approval, amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore,” Coinbase writes on its website.
The news follows its recent announcement to expand into Canada, as part of its intention to create a platform that is “for Canadians, by Canadians”.
