- Coinbase has obtained a Major Payment Institution (MPI) license from the country’s Central Bank. This comes at a time when cryptocurrency regulations in the country are in full swing.
- As a result of obtaining this license, Coinbase will be able to offer digital payment token services to retail and institutional players in the country.
- The acquisition of this new license not only validates Coinbase’s operations but also signifies a commitment and responsibility towards the expanding crypto and Web3 community in Asia.
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Coinbase is taking firm steps forward with the aim of showing its activities outside the USA: It continues to grow with the license it received in the Asian country!
Coinbase Continues to Expand with License in Asia
In a significant development, the cryptocurrency giant Coinbase has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), which is the central bank of Singapore. This happened at a time when cryptocurrency regulations in Singapore are in full swing.
As a result of obtaining this license, Coinbase will be able to offer digital payment token services to retail and institutional players in Singapore. Singapore has emerged as an important center for the crypto and Web3 economy, with 32% of its residents, as per surveys, claiming to own or have owned cryptocurrencies, and 25% seeing crypto as the future of finance.
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In addition to this strong adoption, Singapore is home to over 700 Web3 companies, further solidifying its position as a crucial market for the growth of these industries. Coinbase has stated that it is actively developing products specifically for Singapore, taking into account the demand and unique market dynamics. In an official blog post, Coinbase mentioned:
“Our commitment goes beyond just offering products; it extends to the broader Web3 ecosystem in Singapore. This includes initiatives like education and employment initiatives in our Singapore Technology Hub, building strong relationships with industry associations like ACCESS, Singapore Fintech Association, and Singapore Blockchain Association, and making region-specific investments through Coinbase Ventures, with more than 15 of those investments being Singapore-originated.”
Coinbase Makes a Bold Move into Singapore
Furthermore, as Coinbase faces regulatory pressure from the U.S. SEC, it is focusing on international markets, especially ones like Singapore. As a result, Coinbase has also collaborated with local developer communities and key partners like Nansen.ai, Blockdaemon, and Infura.
Coinbase has also mentioned that it will conduct workshops at some prestigious universities, including the National University of Singapore, Singapore Management University, and Nanyang Technological University.
The acquisition of the new license not only validates Coinbase’s operations but also signifies a commitment and responsibility towards the expanding crypto and Web3 community in Singapore. Coinbase is now set to collaborate with regulators in strategic countries. Last year, it successfully completed Virtual Asset Service Provider (VASP) registrations in Spain, Italy, Ireland, and the Netherlands.