Coinbase Expands Presence in Singapore with Major Payment Institution License
Singapore’s standing as a crypto-friendly hub continues to grow, as Coinbase, one of the world’s leading cryptocurrency exchanges, announces the acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This significant milestone enables Coinbase to extend its digital payment token services to individuals and institutions within Singapore, reaffirming the country’s position as a pivotal market for the crypto industry.
Coinbase’s commitment to Singapore has been evident in its strategic efforts over the past year. The company established a tech hub in the country, focusing on developing Web3-related projects. Coinbase also actively contributed to the local crypto ecosystem by investing in over 15 Web3 startups, further cementing its presence in the region.
The MPI license obtained by Coinbase represents a crucial step in its international expansion journey. This regulatory approval allows Coinbase to offer a broader range of services tailored to both retail and institutional customers. The exchange has been keen on aligning its product offerings with local demands, introducing user-friendly features like PayNow and FAST bank transfers. Additionally, Coinbase facilitated fee-free purchases of USDC, a stablecoin, making it more convenient for Singaporean customers to engage with the crypto market.
Singapore’s approach to cryptocurrency regulation has made it an attractive destination for companies like Coinbase. The country’s clear regulatory framework and commitment to combating money laundering have drawn many crypto firms to its shores. Coinbase’s collaboration with MAS has emphasized the importance of thoughtful and practical regulation, aligning with the company’s mission to facilitate responsible crypto adoption.
Singapore’s crypto community has been thriving, with a significant portion of its population expressing interest in digital assets. According to surveys, 32% of Singaporeans either own or have owned cryptocurrency, indicating a growing acceptance of crypto as a financial asset. Moreover, the country is home to over 700 Web3 companies, further underscoring its pivotal role in the crypto and Web3 economy.
As Coinbase expands its operations in Singapore and around the world, it underscores the importance of regulatory clarity and compliance. While the company has faced regulatory challenges in its home market, it has found a supportive environment in Singapore and other jurisdictions that prioritize effective crypto regulation.