WEB3

Coinbase Secures Major Payment Institution License in Singapore

by BSC News

October 2, 2023

chain

Coinbase's new license could accelerate the exchange's expansion into the Singapore region.

Summary

  • Coinbase has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
  • The license will allow Coinbase to offer Digital Payment Token services to both individuals and institutions in the region.

Coinbase Continues Singapore Expansion

The Monetary Authority of Singapore (MAS) has granted Coinbase a Major Payment Institution (MPI) license, following the initial In-Principle Approval in October last year, according to a Coinbase announcement today.

The newly acquired license underlines Coinbase's dedication to the Singaporean market and its commitment to offering Digital Payment Token services to both individuals and institutions in the region.

“We've identified Singapore as a vital market for Coinbase. The nation's progressive economic strategies and approach to regulation sync well with our global mission and objectives,” Coinbase said. 

Coinbase has tailored its offerings to the region, introducing features like PayNow and FAST bank transfers, as well as integrating SingPass for a streamlined onboarding process. Furthermore, they have facilitated zero-fee USDC purchases with SGD for Singaporean customers.

Beyond offering products, Coinbase is also actively participating in Singapore's Web3 ecosystem through training, hiring initiatives, and partnerships with industry associations, having made over 15 investments in the region through Coinbase Ventures.

Last week, the company received regulatory approval from the Bermuda Monetary Authority (BMA) to provide perpetual futures offerings for eligible non-US retail customers. 

Coinbase's spokesperson stated, "We're ready to continue our work in Singapore, supporting and growing with the local crypto and Web3 community." This move aligns with their global strategy, which includes obtaining VASP registrations in several European countries in the past year.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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