U.S.-based cryptocurrency exchange Coinbase is expanding its operations in Singapore by receiving major regulatory approval from the central bank.
Coinbase has received a major payments institution (MPI) license from the Monetary Authority of Singapore declare October 1st. The new license comes a year after Coinbase first received in-principle approval in Singapore, allowing the company to expand its digital payment token services to individuals and institutions in the country.
according to Under the MAS regulations, MPI-licensed companies are authorized to carry out payment services, and any payment service is not subject to the transaction limit of S$3 million (US$2.2 million). Approved companies are exempt from the S$6 million (US$4.4 million) monthly transaction limit for two or more payment services, in addition to e-money account issuance and currency exchange services.
The company said in the announcement that the newly acquired license “is not only a validation of Coinbase’s operations” but also represents a responsibility to Singapore’s growing cryptocurrency and Web3 communities.
Coinbase has been actively developing products and services specifically designed for Singapore, emission PayNow and FAST bank transfers will be launched in March 2023. Coinbase has also integrated with Singapore’s digital identity service SingPass to streamline the onboarding process. Additionally, Coinbase has been partnering with major local blockchain companies such as Nansen.ai, Blockdaemon and Infura to expand its products such as Base Blockchain and Wallet-as-a-Service.
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“We have viewed Singapore as an important market for Coinbase since our initial involvement in the Lion City,” the exchange noted, emphasizing that more than 30% of Singaporeans found to be current or past cryptocurrency owners in a recent survey. The announcement added:
“Singapore is a natural location for this industry. Additionally, Singapore is home to more than 700 Web3 companies, making it a key market for the growth of cryptocurrencies and the Web3 economy.”
Coinbase did not immediately respond to Cointelegraph’s request for comment.
As previously reported, major global cryptocurrency companies have recently been increasingly awarded Singapore MPI licenses. Crypto data provider and wallet Blockchain.com became the 12th company to receive this license in August 2023. USDC (USDC) stablecoin issuer Circle received an MPI license in June 2023, following the lead of cryptocurrency exchange Crypto.com.
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