Coinbase Singapore has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.
This development, coming after Coinbase’s (NASDAQ:COIN) initial In Principle Approval, amplifies their commitment to the Singapore market, enabling them “to expand their provision of Digital Payment Token services to both individuals and institutions in Singapore.”
In their recent international expansion update, they emphasized “the importance of clear regulation, innovation, and trust from our users.”
With 25% of surveyed Singaporeans considering crypto as the future of finance and 32% being either current or past owners of crypto, Singapore has naturally “become a significant location for this industry. Moreover, Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.”
From their initial involvement in the Lion City, they’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.”
In response to the region’s growing demands and unique market dynamics, we’ve actively developed and “released products tailored specifically for Singapore.”
Earlier this year, for instance, they introduced convenient funding options, including PayNow and FAST bank transfers.
With the integration of SingPass, the trusted digital identity of Singapore, Coinbase rolled out a more streamlined onboarding process. Additionally, they have “introduced no-fee USDC purchases with SGD to make it easier for our Singaporean customers to get started.”
At Coinbase, they’re committed to “reshaping the financial landscape by developing trusted products that bolster the utility and adoption of crypto.”
Their core belief is that blockchain and crypto technologies “have the power to amplify economic freedom and opportunities globally.”
They’ve seen many international markets “crafting innovative policies to emerge as crypto hubs. In this light, our recent achievements in Singapore resonate even stronger.”
The newly acquired licence is “not only a validation of Coinbase’s operations but also represents a promise and responsibility to the growing crypto and Web3 community in Singapore.”
Coinbase have made it a priority “to work with regulators in key countries as part of our international growth.”
Over the last year, Coinbase has “achieved VASP registrations in Spain, Italy, Ireland, and the Netherlands.”