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Coinbase, a cryptocurrency exchange based in the United States, has successfully secured a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), following the in-principle approval it received from the regulatory body in October of the prior year. This important achievement enables the firm to offer regulated digital payment token (DPT) products and services.
Consequently, the exchange is set to broaden its DPT service offerings to a wider array of clients, including both individuals and institutions, as announced on October 2nd.
Coinbase Secures Full License in Singapore
More than a dozen companies have been granted both major payment institution (MPI) and in-principle approvals by the MAS. Among the latest recipients of the full license in June are the crypto exchange crypto.com and the Boston-based stablecoin issuer Circle.
Coinbase has expressed appreciation to the MAS for its pivotal support throughout the company’s development. The newly obtained license is regarded as not only a confirmation of Coinbase’s operations but also a commitment and obligation to the growing crypto and Web3 community in Singapore.
With the MPI license now in hand, Coinbase is authorized to provide a variety of crypto payment services to both individuals and institutions in Singapore. Currently, the exchange offers trading and staking services to its users.
To improve local integration, Coinbase has rolled out new funding options this year, including PayNow and FAST bank transfers, alongside the implementation of the SingPass onboarding system.
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Hassan Ahmed, the director of Coinbase Singapore, highlighted the company’s commitment to regulatory clarity, innovation, and user trust. He pointed out that Singapore’s forward-thinking approach to crypto and its strong Web3 ecosystem, which comprises over 700 Web3 companies, aligns well with Coinbase’s vision.
Moreover, survey data reveals that 25% of Singaporeans consider crypto to be the future of finance, and 32% have engaged in some form of crypto asset ownership, which aligns closely with Coinbase’s objectives for the region.
Coinbase Continues to Invest in Web3
Singapore serves as a crucial technology hub for Coinbase in the Asia Pacific region, and the company has actively invested in over 15 Web3 startups in the area through its investment division, Coinbase Ventures.
In August, Coinbase announced improved financial outcomes, with its net loss for the second quarter decreasing to $97 million, a notable recovery from the record $1.1 billion loss experienced the previous year. However, the company’s revenue for the second quarter reached $707.9 million, reflecting a 12% decrease compared to the last quarter.
Despite encountering regulatory hurdles, including a lawsuit initiated by the United States Securities and Exchange Commission (SEC) alleging unlawful operations, Coinbase has managed to perform effectively in the market.
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