Coinbase Acquires Payment License in Singapore: Details
- Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.
- The company was granted in-principle approval earlier and has now been officially licensed to operate.
- This approval is part of the crypto exchange’s broader policy of expanding operations outside the US.
- The exchange noted that the progressive policies of the government are a major driving factor for the Web3 space.
The largest crypto exchange in the United States, Coinbase, has officially acquired major regulatory approval from the central bank of Singapore, and it seems that the exchange’s plans to expand operations outside the American region are in full effect. The regulatory uncertainty in the US has pushed multiple firms to other markets in the past year, and Singapore has become an important crypto hub.
According to an announcement on October 1, Coinbase has officially obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the financial regulator of the country. This approval comes after the company received its initial ‘In-Principle Approval.’ The move amplifies the exchange’s commitment to the Singapore market, “enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore.”
“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,” Coinbase noted.
As per Coinbase, Singapore is a vital market for the crypto exchange due to its progressive economic strategies, and the country’s approach to the regulation of digital assets syncs well with the American exchange’s global mission and objectives. The exchange said that the MPI license 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.”
According to earlier reports, Coinbase recently won an Anti-Money Laundering (AML) compliance registration from the central bank of Spain, which allows it to offer its “full suite of products and services to retail and institutional users in Spain.” The exchange also acquired approvals from Italy, Ireland, and the Netherlands.
It is also important to note here that, as per BitcoinWisdom, the firm behind USDC stablecoin, Circle, became the second firm in June to receive the MPI license in Singapore.