Coinbase announced a major milestone today as it secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). This achievement marks a significant step forward for Coinbase and signifies its deep commitment to the Singaporean market and the broader global cryptocurrency ecosystem.
The MPI license follows Coinbase’s initial In Principle Approval, highlighting the company’s dedication to regulatory compliance and its desire to provide comprehensive Digital Payment Token services to individuals and institutions in Singapore. In a rapidly evolving crypto landscape, this development underscores the importance of establishing clear regulation and building trust among users.
Singapore’s status as a key player in the cryptocurrency space cannot be overstated. A recent survey revealed that 25% of Singaporeans view cryptocurrencies as the future of finance, with 32% having owned or currently owning digital assets. With over 700 Web3 companies operating within its borders, Singapore has emerged as a pivotal market for the growth of the crypto and Web3 economy.
Coinbase recognizes this potential and has made Singapore a priority market for expansion. The nation’s forward-looking economic strategies and regulatory approach align seamlessly with Coinbase’s global mission and objectives.
Coinbase’s commitment to Singapore goes beyond obtaining regulatory approval. The company has actively tailored its products to cater to the unique demands of the Singaporean market. Earlier this year, Coinbase introduced convenient funding options, including PayNow and FAST bank transfers. The integration of SingPass, Singapore’s trusted digital identity system, has streamlined the onboarding process for users.
Furthermore, Coinbase has made it easier for Singaporean customers to enter the crypto space by introducing no-fee purchases of USDC (USD Coin) with Singapore Dollars (SGD).
Coinbase’s engagement with Singapore extends beyond its platform. The company is actively investing in the growth of the Web3 ecosystem in Singapore through training and hiring initiatives at its Singapore Technology Center. Coinbase is also building strong relationships with industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore.
Coinbase Ventures has made over 15 region-specific investments in Singapore, further solidifying its commitment to the local crypto community. Collaborations with local developers and partners like Nansen.ai, Blockdaemon, and Infura have been instrumental in driving innovation.
Coinbase’s commitment to education and community engagement is evident through its sponsorship of Ethereum Singapore and workshops conducted at prestigious universities, including the National University of Singapore, Singapore Management University, and Nanyang Technological University.
In a statement, Coinbase emphasized its core belief in the transformative power of blockchain and crypto technologies to enhance economic freedom and opportunities worldwide. The company views its newly acquired MPI license not only as a validation of its operations but also as a promise and responsibility to the growing crypto and Web3 community in Singapore.
Coinbase has consistently worked with regulators in key countries as part of its international growth strategy. Over the past year, the company has achieved Virtual Asset Service Provider (VASP) registrations in Spain, Italy, Ireland, and the Netherlands. The collaboration with the Monetary Authority of Singapore represents a significant regulatory partnership for Coinbase, reflecting their shared commitment to fostering innovation and growth in the cryptocurrency space.
Read more:
- Coinbase Singapore Adopts Stricter Regulations To Safeguard Cryptocurrency Transactions
- Coinbase Launches Innovative Crypto Lending Service For Institutional Clients