March 27, 2024
Coinbase Secures Payment License in Singapore
Latest Cryptocurrency News

Coinbase Secures Payment License in Singapore

United States-based cryptocurrency exchange Coinbase is set to expand its operations in Singapore after securing major regulatory approval from the country’s central bank. Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the firm announced on Oct. 1. The new license — coming one year after Coinbase’s initial in-principle approval in Singapore — enables the company to expand its digital payment token services to individuals and institutions in the country.

According to MAS, MPI-licensed firms are authorized to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service. The approved companies are also free from the 6 million SG$ ($4.4 million) limit of monthly transactions for two or more payment services other than e-money account issuance and money-changing services.

The newly acquired license is ‘not only a validation of Coinbase’s operations’ but also represents a responsibility to the growing crypto and Web3 community in Singapore, the firm said in the announcement.

Coinbase has been actively developing goods and services tailored to Singapore, with PayNow and FAST bank transactions set to begin in March 2023. Coinbase has also incorporated SingPass, Singapore’s digital identity service, to make onboarding easier. Furthermore, Coinbase has been working with significant local blockchain companies such as Nansen.ai, Blockdaemon, and Infura to expand its products such as Base blockchain as well as wallet-as-a-service.

‘From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,’ the exchange noted, stressing that more than 30% of Singaporeans were found to be current or past owners of crypto in its recent survey. The announcement added:

“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.”

As previously reported, large worldwide bitcoin enterprises have recently started getting Singapore’s MPI license in greater numbers. Blockchain.com, a provider of cryptocurrency data and wallets, became the 12th company to get the license in August 2023. The USD Coin stablecoin issuer Circle received the MPI license in June 2023, following the crypto exchange Crypto.com.

Image by rawpixel.com on Freepik

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