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The cryptocurrency exchange Coinbase, based in the United States, is broadening its presence in Singapore by obtaining significant regulatory approval from the nation’s central bank.
On Oct. 1, Coinbase announced that it has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This new license, granted one year after Coinbase received its initial in-principle approval in Singapore, allows the company to enhance its digital payment token services for both individuals and institutions within the country.
The Monetary Authority of Singapore states that firms with an MPI license are permitted to offer payment services without being limited by transaction caps of 3 million Singapore dollars ($2.2 million) for any single payment service. Additionally, these licensed entities are exempt from the 6 million SGD ($4.4 million) monthly transaction limit for two or more payment services, excluding e-money account issuance and money-changing services.
The newly obtained license is described as “not only a validation of Coinbase’s operations” but also signifies a commitment to the expanding crypto and Web3 community in Singapore, as stated in the announcement.
Coinbase has been actively creating products and services tailored for Singapore, having launched PayNow and FAST bank transfers in March 2023. The company has also incorporated Singapore’s digital identity service, SingPass, to streamline the onboarding experience. Furthermore, Coinbase has partnered with prominent local blockchain companies, such as Nansen.ai, Blockdaemon, and Infura, to enhance its offerings like the Base blockchain and wallet-as-a-service.
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“From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,” the exchange emphasized, noting that over 30% of Singaporeans were identified as current or former crypto owners in its recent survey. The announcement continued:
“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 did not promptly respond to Cointelegraph’s request for comment.
As previously reported, numerous major global cryptocurrency companies have been increasingly obtaining Singapore’s MPI license in recent times. The crypto data provider and wallet Blockchain.com became the 12th entity to receive the license in August 2023. The issuer of the USDC (USDC) stablecoin, Circle, obtained the MPI license in June 2023, following the crypto exchange Crypto.com.
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