Coinbase Expands in Singapore with Major Regulatory Approval from Central Bank
Summary:
Coinbase, a US-based cryptocurrency exchange, has received a Major Payment Institution license from the Monetary Authority of Singapore. This license, granted a year after initial approval, enables Coinbase to expand its digital token payment services in Singapore. The company has been actively developing products tailored for Singapore and collaborating with local blockchain firms. The license signifies not only regulatory approval but also a commitment to the growing crypto and Web3 community in Singapore.
Coinbase, a leading cryptocurrency exchange based in the United States, has received key regulatory approval from Singapore's central bank to extend services in the area. On October 1, Coinbase announced that it had secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This license, granted a year after the initial provisional approval in Singapore, allows the exchange to broaden its digital token payment services for individuals and businesses within the country.
The Monetary Authority of Singapore states that MPI-licensed firms can carry out payment services without any transaction limit of 3 million Singapore dollars ($2.2 million). Furthermore, these authorized firms are not restrained by the 6 million SGD ($4.4 million) monthly transaction limit for multiple payment services, barring e-money account issuance and money-exchanging services.
The license acquisition by Coinbase demonstrates not only approval of its operations but signifies a commitment to the developing crypto and Web3 community in Singapore as stated by the company.
Coinbase has demonstrated active involvement in the creation of products and services tailored for Singapore, including the integration of digital identity service SingPass and launch of PayNow and FAST bank transfers in March 2023. The company is also cooperating with notable local blockchain firms such as Nansen.ai, Blockdaemon, and Infura to broaden offerings like Base blockchain and wallet-as-a-service.
Coinbase confirmed Singapore's importance as a key market, highlighting that survey data indicated over 30% of Singaporeans had either current or past encounters with crypto. The company acknowledged, "Singapore has organically evolved into a significant hub for this sector. In addition, with over 700 Web3 companies, it is a central player in the expansion of the crypto and Web3 economy."
However, Coinbase has yet to respond to requests for additional comments from Cointelegraph.
Recently, major worldwide crypto firms have shown increasing interest in securing Singapore's MPI license. Blockchain.com, a crypto data provider and wallet, became the 12th recipient of this license in August 2023. Earlier, in June 2023, USDC stablecoin issuer Circle and crypto exchange Crypto.com also obtained the MPI license.
Published At
10/2/2023 7:38:14 AM
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