Coinbase’s New Milestone in Singapore
Coinbase, a leading cryptocurrency exchange based in the United States, has achieved a significant regulatory milestone in Singapore. The company has successfully secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This new license comes a year after Coinbase received its initial in-principle approval in the country. With this license in hand, Coinbase is now poised to broaden its digital payment token services to both individuals and institutions within Singapore. Read more
Benefits of the MPI License
According to the Monetary Authority of Singapore, firms that hold the MPI license can conduct payment services without being restricted by transaction limits. Specifically, these companies are not bound by the 3 million Singapore dollar (approximately $2.2 million) limit for any single payment service. Moreover, they are exempt from the 6 million SGD (around $4.4 million) monthly transaction cap for multiple payment services, with the exception of e-money account issuance and money-changing services.
Coinbase’s Commitment to Singapore
The acquisition of the MPI license is not just a testament to Coinbase’s robust operations in Singapore but also signifies its commitment to the burgeoning crypto and Web3 community in the region. The company has been proactive in tailoring its products and services to cater to the Singaporean market. Notably, in March 2023, Coinbase introduced PayNow and FAST bank transfers. They have also integrated Singapore’s digital identity service, SingPass, to streamline the user onboarding process. Furthermore, Coinbase has been partnering with prominent local blockchain entities such as Nansen.ai, Blockdaemon, and Infura to enhance its offerings like the Base blockchain and wallet-as-a-service.
Singapore: A Crypto Hub
Coinbase’s recent survey highlighted that over 30% of Singaporeans have either owned or currently own cryptocurrency. This statistic underscores Singapore’s pivotal role in the global crypto landscape. The nation is not only a significant hub for the crypto industry but also houses more than 700 Web3 companies. This makes Singapore a crucial market for the growth and evolution of the crypto and Web3 economy.
A Growing Trend in Singapore
Coinbase is not the only global crypto firm to recognize the potential of Singapore. Several major cryptocurrency entities have been actively seeking and obtaining Singapore’s MPI license. For instance, Blockchain.com, a crypto data provider and wallet, secured the license in August 2023. Similarly, the USDC stablecoin issuer, Circle, was granted the MPI license in June 2023.
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